Non compete fees received is assessable to tax under the head business income and section 28 is applied
Last updated: 11 July 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
At the time of hearing the learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT “D” Bench Mumbai concluded that provisions of section 28(va)(a) would apply and consequently the amount received by that assessee would be chargeable to tax as business income and not under the head capital gains. The learned counsel for the assessee admitted that despite the case of the assessee that non-compete fees is assessable to tax under the head ‘Long Term Capital Gains’, in the light of the aforesaid decision the issue stands covered against the assessee.
Citation :
Shri Rakesh Dungarmal Tainwala Vile Parle (W), Mumbai 400049 PAN - AAAPT 9300 J Appellant Vs. DCIT, Range 8(3) 71, Kalpataru, Nutan Laxmi Aayakar Bhavan, M.K. Road Mumbai 400020 Respondent
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CS Bijoy
Published in Income Tax
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