| Shroff Eye Centre vs. ACIT (ITAT Delhi) |
| As there was an absolute contractual obligation imposed on the continuing firm/partners by the partnership deed to pay an amount of 2% of the gross receipts subject to maximum of 3 lacs pa to the legal heir of the deceased partner, it was a first charge on the receipts of the continuing firm/partners and constituted a diversion of income by overriding title |
Thursday 20 September 2012
Concept of "diversion of income by overriding title" explained
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