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2015 (3) TMI 279 - HC - Income TaxTaxability of income earned by the joint venture company - ITAT held the entire income of JVC in the hand of one of the members of the assessee company - Held that:- If the TDS claim was not erroneous, the income could have been shown in the account of joint venture/ assessee. If leave to withdraw was being sought with some ulterior motive, the income would have been reflected in the account of joint venture/ assessee. The consideration either by the Assessing Officer or Appeal authorities does not show this position. On the other hand, the Assessing Officer has worked out income tax at 3% of the contract value at the hands of joint venture/assessee. Such guess work would not have been essential, had the assessee actually received the amounts and those amounts would have been reflected in the books of account. The department would have procured some material to show receipts by assessee towards contract. There is no finding of receipt of any income by joint venture assessee on account of said contract. The finding of fact, therefore, reached by the Commissioner of Income Tax (Appeals)I, Nagpur [CIT(A)] and sustained by ITAT, cannot be said to be perverse. No substantial questions of law arising out of impugned order - Decided against assessee.
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