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2021 (1) TMI 485 - HC - Income TaxReceipt in the form of non-compete fees - Revenue or capital receipt - HELD THAT:- As decided in ANJUM G BALAKHIA [2016 (7) TMI 575 - GUJARAT HIGH COURT] it is well settled that a liability cannot be created retrospectively. In the present case, compensation received under Non-Competition Agreement became taxable as a capital receipt and not as a revenue receipt by specific legislative mandate vide Section 28(va) and that too with effect from 1.4.2003. Hence, the said section 28(va) is amendatory and not clarificatory - Appellate Tribunal right in holding that provisions of section 28(iv) are not applicable in the case of assessee - Decided in favour of assessee
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