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2012 (7) TMI 372 - HC - Income TaxGenuineness of Assessee firm - held to be Association of Persons u/s 2(31)- the revenue generated by the respondent was passed on to the partners such that no profit accrued to the respondents - Held that:- Assessee had not contrived a devise to evade or even avoid tax. The original intention itself was for the consortium members to bid for and perform the contract and to divide the profits arising therefrom among themselves in accordance with the Consortium Agreement. The members of the consortium constituted the firm, not as a devise to evade or even avoid tax, but upon the insistence of the MIDC - the respondent satisfies the requisite tests of a partnership firm constituted in accordance with law - against revenue.
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