https://www.taxtmi.com/caselaws?id=368099 The High Court held in favor of the Revenue, ruling that the "Distributable Surplus" paid to DIAGEO INDIA PRIVATE LIMITED was not an allowable expenditure under Section 37 of the Income Tax Act but an application of income. The Court also determined that the terms of the Agreement did not constitute a diversion of income at source by overriding title. Additionally, the method of accounting did not affect the taxability of business income, which was deemed taxable in the hands of CHAMUNDI WINERY AND DISTILLERY. en-us Tue, 25 Sep 2018 00:00:00 +0530 Thu, 15 Nov 2018 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368099 The High Court held in favor of the Revenue, ruling that the "Distributable Surplus" paid to DIAGEO INDIA PRIVATE LIMITED was not an allowable expenditure under Section 37 of the Income Tax Act but an application of income. The Court also determined that the terms of the Agreement did not constitute a diversion of income at source by overriding title. Additionally, the method of accounting did not affect the taxability of business income, which was deemed taxable in the hands of CHAMUNDI WINERY AND DISTILLERY. Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368099