Friday, 30 October 2015

Non-compete fee wasn't taxable prior to AY 2002-03

IT: Where for assessment year 1996-97 under an agreement, assessee transferred one of its business to other company but continued its business using its own logo, trade name, licenses and permits, no part of non-compete fee received by assessee under aforesaid agreement could be treated as considerations for goodwill and it was not taxable as income

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