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2017 (12) TMI 247 - AT - Income TaxNon disclosure of profit from sale of land - parting of share of the profit in favour of SIDCPL - whether is only an application of income and not diversion of income by overriding title? - Held that:- There is only an application of income by virtue of subsequent agreement by assessee and there is no obligation or diversion by overriding title attached to the property, particularly in view of the fact that assessee has agreed only to share the profits but not the losses and this agreement was subsequently entered, which cannot be considered as an obligation on the source itself. In view of that, we set aside the order of CIT(A) and restore the order of AO for both the assessment years. - Decided in favour of revenue
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