Whether the transactions entered into by two or more persons is a joint venture will depend upon the facts of each case to be interpreted in the light of the decisions of the Supreme Court referred to above

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.... is invited to the two Circulars C.B.R. No. 30 of 1941 dated 25-5-1941 and No. 31(2)II/44, dated 30-6-1944 on the above subject. 2. These two Circulars have been reviewed in the light of the decisions of the Supreme Court in the case of (i) CIT Vs. Indira Balakrishna (39 ITR 546) and (ii) Mohd. Nurulla vs. CIT (42 ITR 115) and it has been decided to withdraw them with immediate effect. 3. Whethe....