TMI Blog2019 (3) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... ismissed the Revenue's appeal before it on the above issue following an order of this coordinate bench for Assessment Year 2000-01 in respect of the same respondent assessee. It also notes the binding order in CIT Vs. M/s. Monsanto India Ltd.[2011 (8) TMI 1298 - BOMBAY HIGH COURT] raising the same issue, which were dismissed by this Court - As the impugned order has followed the decision of this C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs. - Decided against revenue - INCOME TAX APPEAL NO.1868 OF 2016 - - - Dated:- 11-3-2019 - MR AKIL KURESHI AND MR SARANG V. KOTWAL, JJ. For The Appellant : Mr. Arvind Pinto For The Respondent : Mr. Nishant Thakkar a/w Ms. Jasmin Amalsadvala i/b PDS Legal ORDER P. C. :- 1. The Revenue has filed this Appeal raising following questions for our consideration : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act, 1961 (for short, 'the Act'). The Revenue contends that the activity of the Assessee company cannot be categorized as agricultural operation. The Assessing Officer, therefore, disallowed the exemption claimed by the Assessee. The Tribunal, by the impugned Judgment, held in favour of the Assessee upon which the Revenue has filed this Appeal raising the first question noted above. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 Crores (rounded of). This included a sum of ₹ 2 Crores towards noncompete fee. The Assessing Officer was of the view that this amount was Assessee's income and taxed it accordingly. The Assessee carried the matter in Appeal before the Commissioner (Appeals) who held that the receipt was capital in nature but that it would give rise to a short term capital gain. Both sides went in Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both counts. The NonCompete Agreement was part and parcel of the sale of the business and cannot be seen in isolation. Further, the Assessee was in the business of producing and selling wheat herbicides since the year 1997 and therefore, while selling the business, the Assessee also executed a NonCompete Agreement, which was part of the sale of assets held by the Assessee in excess of 36 months. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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