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1973 (3) TMI 12 - MADRAS HIGH COURTDiversion by Overriding Title - Partnership conducting educational institutions - agreement to dissolve the firm and transfer all the assets and liabilities to a society to be registered for carrying on the institution - income was received by the assessee-firm during the accounting year and it was not diverted before it reached the assessee. If that position is reached, then even if the amount had been given to the society later, it amounts to only an application of the income earned and does not affect the liability to tax in the hands of the assessee
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