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2001 (5) TMI 7 - HC - Income TaxCapital/revenue receipt - "non-compete agreement" - payment of the amount under the agreement has been paid to the assessee by Gillette Company to refrain from engaging himself whether directly or indirectly in any business which undertakes or is engaged in the manufacture or marketing or distribution of razor blades, shaving systems or shaving preparations. That amount cannot be taxed as revenue receipt, especially when no material has been brought on record by the Assessing Officer to justify that the agreement dated December 15, 1996, is a colourable device – Revenue’s appeal dismissed
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