Taxation
yagnesh dave
(Querist) 10 December 2015
This query is : Resolved
OUR IS JOINT VENTURE FIRM SUPPORTED BY JOINT VENTURE AGREEMENT CONSIST OF THREE PARTNER IE 2 NOS PARTNERSHIP CONCERN & ONE PVT LTD.THEY HAVE CONTRIBUTED CAPITAL AND INT ON CAPITAL@12% AS PER JOINT VENTURE AGREEMENT CLAUSE IS SHOWN AS EXPENSES IN P L A/C U/S 40(B) OF THE I.TAX ACT UNDER SCRUTINY ASSESSMENT THE INCOME TAX OFFICER HAS ASSESSED AS AOP STATUS & DISALLOWED INT PAID ON CAPITAL TO PARTNERS.
WHETHER THE INCOME TAX OFFICER IS CORRECT OR NOT PL EXPLAIN ME BRIEFLY WITH SUPPORTING CASE LAW FOR STATUS ASSESSED AS AOP INSTEAD OF JOIN TVENTURE & INT DISALLOWED ON CAPITAL
P. Venu
(Expert) 11 December 2015
The query requires professional consultation; it is beyond the limited scope of this forum.
Rajendra K Goyal
(Expert) 11 December 2015
Full case file and order need to be referred.
If not satisfied with the assessment,discuss with your tax lawyer and go for appeal.
H.M.Patnaik
(Expert) 11 December 2015
The Querist being a joint venture enterprise need to have properly consulted experienced professionals while drafting JV agmt., prepn,. of accounts , filing of IT Return and attending IT Assessment etc.. Now, it is too late to mend ways.
K.S.Srinivas
(Expert) 14 December 2015
Raise this query on www.CAclubindia.com
T. Kalaiselvan, Advocate
(Expert) 19 December 2015
On receipt of notice from Income tax department about this it becomes your duty to give a reply notice through your tax consultant or advocate, so better discuss with one and get yourself properly clarified.
