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2011 (10) TMI 382 - AT - Income TaxCapital gain vs Business income transfer of entire shareholding transfer agreement provides for non- compete in business no consideration was assigned towards non-compete fees Held that:- Section 28 (va) would be attracted where the assessee was carrying on business and not where assessee only had right to carry on business in the form of capital asset. Further, extinguishment of right to manufacture, produce or process any article or thing or right to carry on any business comes within the ambit of capital gain tax. Thereby, amounts held to be attributable to non compete obligations are taxable as capital gains and not as business income. Decided in favor of the assessee.
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