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2014 (5) TMI 930 - AT - Income TaxAllowability of deduction u/s 80IA(4) of the Act - Joint venture for the purpose of getting a contract – Held that:- The assessee is found eligible even after considering the deviations from the original agreement - the "substance" is found more important than the "form" - The contents of the agreement is not important but the joint venture partner, who executed the work in reality is held relatable for deduction - the deduction u/s 80IB(4) is available either to the JV, who is the actual signatory to the agreement or to the constituents of the JV without having separate agreement - the final executor of the contract is relevant for availing benefit u/s 80IB(4) of the Act - The implied principle in matters of granting deduction under these provisions revolves around the concept i.e., "substance" is more important than the "form" and thus, failure to draw a separate agreement with NHAI does not disqualify the assessee from claiming the deduction - the SIIL executed the contract on behalf of M/s. Supreme - MBL JV - the NHAI does not have objections against the assessee executing the contract – the order of the CIT(A) is set aside – Decided in favour of Assessee. Deletion made u/s 68 of the Act – Held that:- The AO has not properly appreciated the facts relevant to the transaction - M/s. Achiever Trading Pvt. Ltd is the supplier to the assessee and they have commercial transactions - assessee gives advances to the supplier of material - The amounts appearing in the bank accounts of the assessee as per the Achiever Trading Pvt. Ltd as a source in the said advances given by the assessee, the same is not reviews by the Revenue - it is not proper to doubt the identity and genuineness of the transactions – there was no error in the order of the CIT(A) – Decided against Revenue.
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