Profit-sharing agreement mandates income diversion at source, recognized as overriding title, leading to deletion of tax additions.

Profit-sharing agreement mandates income diversion at source, recognized as overriding title, leading to deletion of tax additions. https://www.taxtmi.com/highlights?id=51188 Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert the income at source and also for the contributions made by the holding company - the revenue sharing agreement entered with the holding company by the assessee is diversion of income by overriding title. - Additions deleted. en-us Mon, 13 Jan 2020 07:51:16 +0530 Mon, 13 Jan 2020 07:51:16 +0530 TaxTMI RSS Generator Profit-sharing agreement mandates income diversion at source, recognized as overriding title, leading to deletion of tax additions. https://www.taxtmi.com/highlights?id=51188 Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert the income at source and also for the contributions made by the holding company - the revenue sharing agreement entered with the holding company by the assessee is diversion of income by overriding title. - Additions deleted. Highlights Income Tax Mon, 13 Jan 2020 07:51:16 +0530 https://www.taxtmi.com/highlights?id=51188