TMI BlogThe Finance Act, 2002 itself indicates that during the relevant assessment year compensation received by...The Finance Act, 2002 itself indicates that during the relevant assessment year compensation received by the Assessee under non-competition agreement was a capital receipt, not taxable under the 1961 Act. It became taxable only with effect from 1.4.2003. It is well settled that a liability cannot be created retrospectively - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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