https://www.taxtmi.com/caselaws?id=76495 The High Court upheld the lower authorities' decision, ruling that the profit-sharing arrangement between the assessee and another company was not a colorable device to evade tax. The Revenue's appeal was dismissed as they failed to prove the transaction as sham or colorable, with the court emphasizing the importance of factual evidence in tax matters. The court noted that both parties had filed returns reflecting the transaction, and the Revenue had accepted the other company's return, leading to the dismissal of the appeal in favor of the assessee. en-us Wed, 23 Jan 2008 00:00:00 +0530 Fri, 16 Sep 2011 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76495 The High Court upheld the lower authorities' decision, ruling that the profit-sharing arrangement between the assessee and another company was not a colorable device to evade tax. The Revenue's appeal was dismissed as they failed to prove the transaction as sham or colorable, with the court emphasizing the importance of factual evidence in tax matters. The court noted that both parties had filed returns reflecting the transaction, and the Revenue had accepted the other company's return, leading to the dismissal of the appeal in favor of the assessee. Case-Laws Income Tax Wed, 23 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76495