The Joint Venture can be treated as an association of persons (A.O.P.) in consonance with section 2(31)(v) read with the Explanation to section 2 of the Act and liable to be assessed as such under the Income-tax Act.
All the partners of J.V. have joined in for common purpose on their own volition to produce income which is shared in certain ratio.
The J.V. is to be taxed in the status of an association of persons @ 41% net basis.
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX)
NEW DELHI
A.A.R. No. 745 OF 2007
| Name and Address of Applicant | Geoconsult ZT GmbH
C/o Thingna & Contractor, CA, G-3, T.V. Industrial Estate,248/A, S.K.Ahire Marg,Mumbai |
|---|---|
| Commissioner concerned | Director of Income Tax (International Taxation), Mumbai |
| Present for the Department | Mr. Parag A. Vyas, Advocate |
| Present for the Applicant | Mr. Riaz Thingna, CA , Mr. Vijay Dhingra, CA |
R U L I N G
(By Mr. Rao Ranvijay Singh)
Date of Ruling: Thursday, the 31st Day of July, 2008
The applicant, M/s. Geoconsult ZT GMBH (in short G.C. or Geoconsult), is a company, incorporated in Austria, having its registered office at HISCTRA 5, A-5071, Walls Salsburg, Austria, and has filed an application under 245Q(1) of the Income-tax Act, 1961(in short the Act) in the prescribed proforma, seeking rulings on the questions referred to in the application.
