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Ground raised by the revenue are that on the facts and circumstances of thecase, the ld CIT(A) has erred in law in deleting the disallowance of Rs. 12,99,96,970/- on account of Sham Agreement.

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Section 4 of the Income Tax Act, 1961- Income - 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, thus, it was held that the revenue sharing agreement entered with the holding company by the assessee is diversion of income by overriding title and the revenue's contention that the entire transaction is sham and aimed at only to divert the income to EMLL cannot be said to be correct based on the facts and the judicial pronouncements. - ASSTT. CIT V/s EMAAR MGF CONSTRUCTION P. LTD. - [2020] 81 ITR (TRIB) 030 (ITAT-DELHI)