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2013 (11) TMI 184 - ITAT HYDERABADTaxability of Non-Compete fees – Capital gain vs Business Income or capital receipt not chargeable to tax - Held that:- post amendment in Sec. 28 with the insertion of Clause (va) to section 28, the Non compete fee of ₹ 5 crores received by the assessee is liable to be taxed under the head profits and gains of business or profession. - Decided against the assessee. Regarding exemption provided u/s. 28(va) - held that:- in the present case, there is no transfer of any capital asset therefore there is no question of the applicability of the exemption provided in sec.28[va] therefore the receipt is rightly being taxed under the head capital gains.
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