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2013 (12) TMI 465 - AT - Income TaxWhether any income accrued or arosed in the hands of the assessee joint venture – Held that:- Following IVRCL-KBB-MEIL(JV) [2012 (10) TMI 563 - ITAT HYDERABAD] - If the entire business/contract receipts received by the JV are transferred to the constituent members of the JV - There is no accrual of income in the hands of the assessee-JV – But if there is retention of any portion of contract receipts received by the JV, it has to be taxed in the hands of the assessee in accordance with law – The issue was restored back to the files of AO. Validity of Demand notice issued – The assessment order for A.Y. 2003-04 passed under S.143(3) was signed by ITO Ward 7(1) Hyderabad on 20.6.2005 - The demand notice under S.156 dated 23.12.2008 was issued by the DCIT Circle 16(3) and served on the assessee on 29.12.2008 - Held that:- Following CIT V/s. Purshottamdas T.Patel [1993 (8) TMI 21 - GUJARAT High Court] - In the absence of any evidence to indicate that the assessment orders were ever issued to the assessee earlier - The demand notice in terms of section 156 was served on the assessee only on 29.12.2008 - The assessments for the years under appeal to be barred by limitation in terms of section 153 – Decided against Revenue.
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