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1972 (1) TMI 30 - KERALA HIGH COURTDiversion of Income, by Overriding Title - assessee purchases business assets from Government with an agreement to pay ten per cent. of the net profits to the Government - hold that the amounts payable for the assessment years in question in pursuance to clause (7) of the agreement are on the basis of a paramount right created by the contract between the parties and they are liable to be deducted under section 10(2)(xv) of the Indian Income-tax Act, 1922, and section 37 of the Income-tax Act, 1961.
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