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    Regarding Sale Deed

    Posted By : mahimajain / Published on : 10-Nov-2022 08:55 AM / View : 274 / Comment : 0

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    Hello Professionals

    Peer Ltd. took over the running business of a Ramu, a sole proprietor by a sale deed. As per the sale deed, Peer Ltd. undertook to pay overriding charges of Rs. 15,000 p.a. to Ramu’s wife in addition to the sale consideration. The sale deed also specifically mentioned that the amount was charged on the net profits of Peer Ltd., who had accepted that obligation as a condition of purchase of the going concern. Examine, in the light of decided case law that whether the payment of overriding charges by Peer Ltd. is in the nature of diversion of income or application of income.
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