Even though contract is awarded to assessee, the income is assessable only in the hands of person which has executed work

CA Mayank Parekh Facts: The assessee, a joint venture company, was awarded a project work. However the assessee did not execute the contract and the said work was done by one of its constituents namely SMS Infrastructure Limited (‘SIL’). Accordingly, receipts from the said project work were reflected in the books of account and return of income of SIL and the same was also accepted by the Assessing Officer (‘AO’) in the assessment made under section 153A read with 143(3) of the Income-tax Act, 1961. Further, the assesee had filed return of income of Rs 2,19,990/- and erroneously claime...