TMI Blog2019 (4) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... OMBAY HIGH COURT] held that it is only vide the Finance Act, 2002 which came into effect from 1st April, 2003 the said capital receipt was now taxable under section 28(va). Had the assessee not entered into an agreement of non-compete, he would have earned the amount from the business carried on out of the division which was sold. It is the sale of the said division that has deprived him of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Advocate for Appellant. Mr. Sham Walve, Advocate for Respondent. ORDER P.C. : 1. This Appeal is filed by the assessee to challenge the judgment of Income Tax Appellate Tribunal. Following questions are presented for our consideration; (i) Whether on the facts and in the circumstances of the case and in law, the Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant -Assessee fairly pointed out that the similar questions were examined by this Court in case of Arun Toshniwal, Mumbai, Vs. Deputy Commissioner of Income -tax 1(3), reported in (2015) 59 taxmann.com 274 (Bombay). In the said decision while dismissing the assessee's Appeal, the Court made following observations; (10) It is only vide the Finance Act, 2002 which came in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid amount received for non -compete agreement was not taxable upto 1st April, 2003 and, therefore, in that case, the amount received is not liable to be taxed. It is clarified by the Supreme Court that section 28(va) of the Act was amendatory and not clarifactory and, therefore the amount received before the said date was not taxable under section 28(va) of the Act. 11. Following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a). Furthermore, in the present case, both the assessee have received the amount pursuant to the agreement dated 2nd June, 2008 that is well after 1st April, 2003 and would be covered by the provisions of Section 28(va) of the Act. We are accordingly of the view that no relief can be granted to the appellants. The appeals do not raise any substantial questions of law and the same are dismissed. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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