2018 (4) TMI 1962

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..... d to have been accrued in the hands of the assessee AOP notwithstanding JV document executed for bidding and subsequently, the assessee is not liable for income estimated on the contract awarded - HELD THAT:- Materials on record would suggest that the consortium of joint venture of two entities was constituted for execution of a project. A supplementary agreement dated 8.2.2008 between the two j .....

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..... at the time of bidding for the contract. We are broadly in agreement with the view of the Tribunal. - HONOURABLE MR.JUSTICE AKIL KURESHI AND HONOURABLE MR.JUSTICE B.N. KARIA MRS MAUNA M BHATT(174) for the PETITIONER(s) No. 1 ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated .....

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..... taken over the financial rewards and risks. The bank guarantee would be provided by JCM alone. The bank account would also be operated by JCM alone. JCM would be responsible for compliance of all statutory requirements. It was under these circumstances that the Tribunal came to the conclusion that only one member of the joint venture was essentially responsible for the risks and for execution of t .....

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