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Payment to retired partner amounts to diversion of income at source by overriding title
Case Law Details
- Case Name
- Deloitte Haskins & Sells Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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Deloitte Haskins & Sells Vs ACIT (ITAT Delhi)
Held that deduction from income claimed for payment made to a retired partners allowable as it amount to a diversion of income at source by overriding title.
Facts-
Assessee’s claim of deduction amounting to Rs.1,37,75,514/- paid to retired partners, claimed on the ground that the amount represented diversion by overriding title, was rejected by the Assessing officer; and the amount was added to assessee’s income. Aggrieved, the assessee filed appeal in the office of Ld. CIT(A). CIT(A) confirmed the addition. Being aggrieved, the present ap...
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