https://www.taxtmi.com/caselaws?id=329035 The court upheld the dismissal of the revision petition challenging the order under Section 264 of the Income Tax Act regarding the diversion of sale consideration to a third party. The lack of documentary evidence supporting the transaction and the absence of a valid agreement or logical explanation for diverting a significant portion of the sale consideration raised doubts about the genuineness of the transaction. The court emphasized the petitioner's failure to provide concrete evidence or reasons for the diversion, leading to the decision to treat the transaction as a diversion of income. en-us Fri, 10 Jun 2016 00:00:00 +0530 Thu, 22 Sep 2016 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329035 The court upheld the dismissal of the revision petition challenging the order under Section 264 of the Income Tax Act regarding the diversion of sale consideration to a third party. The lack of documentary evidence supporting the transaction and the absence of a valid agreement or logical explanation for diverting a significant portion of the sale consideration raised doubts about the genuineness of the transaction. The court emphasized the petitioner's failure to provide concrete evidence or reasons for the diversion, leading to the decision to treat the transaction as a diversion of income. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329035