Joint Venture Income Classification: Substance Over Form in Tax Assessment and Expense Allowability.

Allowable busniss expenses - Diversion of income - Though the amount has been received by the assessee, the same is collected on behalf of the joint venture - It is the settled law that the accounting entries are not determinative of the actual nature of the transaction; it is the substance that prevails. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X