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2016 (8) TMI 777 - HC - Income TaxCredit of TDS - whether the JV was no more in existence - Held that:- Income after 02.09.2002 really belonged to PEL in respect of the work carried out by it after 292002. Therefore, even if joint venture has declared income from work carried out after 02.09.2002 till 31.03.2003 as its income, it does not prevent the revenue from taxing it in the hands of PEL as it is a right person in whose hands income, after supplementary agreement was executed, could be taxed. We have already held that no AOP continued to be in existence after 02.09.2002 as one member has lost interest in earning income for itself. Unless both the parties have common interest in earning income, no AOP can be said to be in existence. In view of this, if any tax or interest has been paid by joint venture during A.Y. 2003-04 or even after 2004-05, the credit of the same should be transferred to PEL where that income is assessable. Our view is that credit of TDS can be given only in the hands where income therefrom is subjected to tax. If accrual of income in respect of the receipts received dejure by joint venture is shifted to a member of the joint venture through an overriding title, then credit of TDS in respect of such receipts should be considered in the hands of that member of the joint venture in whose hands such income is found assessable. - Decided in favour of the assessee
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