https://www.taxtmi.com/caselaws?id=348482 The court held that the receipts of Rs. 12,09,55,137/- were a case of diversion of income by overriding title, not income of the assessee. The court found the ITAT's order reasoned and based on due application of mind. Additionally, the court determined that payments to joint ventures were allowable deductions under Section 40(a)(ia) of the Income Tax Act, 1961, as the amendment was retrospective and clarificatory. Consequently, the court quashed previous orders and allowed the appeals in favor of the appellant on all substantial questions of law. en-us Fri, 15 Sep 2017 00:00:00 +0530 Tue, 01 Sep 2020 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348482 The court held that the receipts of Rs. 12,09,55,137/- were a case of diversion of income by overriding title, not income of the assessee. The court found the ITAT's order reasoned and based on due application of mind. Additionally, the court determined that payments to joint ventures were allowable deductions under Section 40(a)(ia) of the Income Tax Act, 1961, as the amendment was retrospective and clarificatory. Consequently, the court quashed previous orders and allowed the appeals in favor of the appellant on all substantial questions of law. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348482