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2014 (2) TMI 1183 - AT - Income TaxDiversion of JV receipts - whether the income of the Joint Venture (JV) is to be taxed in the hands of JV and not in the hands of its members - Held that:- The consistent and concurring opinions of CIT (A) and ITAT were that the JV was formed only to secure the contract, in terms of which the scope of each JV partner’s task was distinctly outlined. Further, the entire work was split between the two JV partners; they completed the task, through sub-contracts and were responsible for the satisfaction of the NHAI. Therefore, ITAT did not fall into error of law, in holding that the JV was not an association of persons and liable to be taxed on that basis. Decided in favour of the assessee.
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