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2000 (9) TMI 1045 - AAR - Income TaxWhether, on the facts and in the circumstances of the case, the joint venture constitutes an AOP within the meaning s. 2(31)(v) so as to become liable to tax under the IT Act, 1961, or each party of the joint venture is liable to tax on its own profits ? Whether on the facts and in the circumstances, the rationale behind the provisions of s. 44AB would be applicable in the case of the applicant and a sum equal to ten per cent of the contract amount as and when paid shall be deemed to be the profits and gains chargeable under the head "Profits and gains of business or profession" ?
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