TMI Blog2005 (7) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... itional amount of Rs. 96,000 to the assessee on his agreeing not to accept similar job in any other competing organisation for a minimum period of two years - This payment of Rs. 96,000, thus, can hardly be linked up with the salary, or perquisites and profits. The receipt of this amount is after cessation of the employer and employee relationship. This receipt of amount, thus, can only be capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not in dispute that the assessee was in service with M/s. Sandvik Asia Ltd. as an industrial officer. He expressed his desire to leave the service and sought waiver of six months' notice period by accepting his resignation with effect from May 25, 1979, allowing him to avail of earned leave due to him from March 2, 1979 to May 24, 1979. It appears that the request of the assessee was accepted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1979, and not to disclose or part with any information/knowledge or know-how of the company products/processes which he may have acquired during his tenure with them. The assessee, on receipt of the said amount, executed a restrictive covenant and undertook not to take any employment with any other competitors in lieu of payment of Rs. 96,000. This payment of Rs. 96,000, thus, can hardly be link ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
