Tag: non-compete fee

Payment made by the assessee as non-compete fee was an allowable revenue expenditure under Section 37(1) of the Act –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-compete fee payment made to essentially keep a potential competitor out of the same business cannot be …

Depreciation on goodwill and non compete fee allowed by the Tribunal in view of the binding judgment of Hon’ble Supreme Court and jurisdictional High Court    ABCAUS Case Law Citation: ABCAUS 2953 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs. Smifs Securities Ltd., …

Non-compete fee is capital receipt. Section 28(va) not apply to compensation received in relation to a profession before amendment-High Court uphelds ITAT order Prelude: Section 28 of the Income Tax Act, 1961 (the Act) list outs the types of income which are chargeable to income tax under the …