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The Tax PublishersSpecial Leave Petition (Civil)........ Diary No(s). 17331/2020, Diary No(s). 16623/2020 (III)
2020 TaxPub(DT) 5188 (SC) : (2021) 277 TAXMAN 0497INCOME TAX ACT, 1961
Section 261 Section 143(3)
Department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT v. M/s. Backbone Projects Ltd. [R/Tax Appeal No. 702 of 2019, 703 of 2019, dt. 7-10-2019] : 2019 TaxPub(DT) 8046 (Guj-HC), whereby the High Court held that members of joint venture had duly shown income in their returns of income and have paid the tax thereon. Joint Venture and its members were being taxed at the maximum marginal rate, and thus, no loss was caused to revenue. Moreover, in terms of CBDT Circular No.7/2016, once amount was offered to tax by its members, assessee-AOP could not be saddled with the liability to pay tax in respect of the same amount, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Assessment - Addition to income --- Amount offered by member of AOP, whether to be taxed in hands of AOP
Department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT v. M/s. Backbone Projects Ltd. [R/Tax Appeal No. 702 of 2019, 703 of 2019, dt. 7-10-2019] : 2019 TaxPub(DT) 8046 (Guj-HC), whereby the High Court held that members of joint venture had duly shown income in their returns of income and have paid the tax thereon. Joint Venture and its members were being taxed at the maximum marginal rate, and thus, no loss was caused to revenue. Moreover, in terms of CBDT Circular No.7/2016, once amount was offered to tax by its members, assessee-AOP could not be saddled with the liability to pay tax in respect of the same amount. Held: The Supreme Court dismissed the SLP.
REFERRED :
FAVOUR : SLP dismissed
A.Y. :
IN THE SUPREME COURT OF INDIA
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