https://www.taxtmi.com/caselaws?id=67704 A transfer credited through book entries pursuant to a binding arbitral award was treated as genuine where both parties accepted the award and their subsequent conduct and assessment records consistently reflected the transaction; the resulting interest income was therefore not taxable in the assessee's hands. The same approach was applied to the sub-partnership: the deed was executed, acted upon, and supported by accounting entries and returns in the beneficiary's own assessment, showing a real profit-sharing arrangement rather than a device to divert income. On those facts, the additions based on alleged sham transfer and sham sub-partnership were unsustainable and had to be deleted. en-us Mon, 01 May 1978 00:00:00 +0530 Mon, 14 Mar 2011 11:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67704 A transfer credited through book entries pursuant to a binding arbitral award was treated as genuine where both parties accepted the award and their subsequent conduct and assessment records consistently reflected the transaction; the resulting interest income was therefore not taxable in the assessee's hands. The same approach was applied to the sub-partnership: the deed was executed, acted upon, and supported by accounting entries and returns in the beneficiary's own assessment, showing a real profit-sharing arrangement rather than a device to divert income. On those facts, the additions based on alleged sham transfer and sham sub-partnership were unsustainable and had to be deleted. Case-Laws Income Tax Mon, 01 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67704