Disbursement of income as per revenue sharing agreement was diversion of income by overriding title: ITAT

INCOME TAX : Where assessee company had to enter into a collaboration agreement with its holding company for providing technical and financial support to carry out project of construction of flats at Commonwealth Games Village as per terms and specifications laid down by DDA and, in order to provide financial security to assessee and guarantees to financial institutions and DDA ,the holding company of assessee secured 25% revenue from the sale proceeds of the flats ,

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