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Income Tax - Highlights / Catch Notes

Home Highlights November 2011 Year 2011 This

Taxability of receipt u/s 28(va) - Payments on account of ...

Income Tax

November 22, 2011

Taxability of receipt u/s 28(va) - Payments on account of non-compete fees cannot be brought to tax u/s.45 - taxable as business profit... - AT

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  1. Taxability of Non-Compete fees – post amendment in Sec. 28 with the insertion of Clause (va) to section 28, the Non compete fee of Rs. 5 crores received by the assessee...

  2. Taxability on allotment fees - Revenue brought it under the service tax to be rental receipt from immovable property - need to be tested by the officers at grass root level - AT

  3. Non-compete fees receipt - taxability under Section 17(3)(iii) or 28(va) as salary income or business income or not - profit in lieu of salary - assessee is an...

  4. Non-compete fee receipt - consideration for transfer of the shares - Capital Gains or business income - In order to attract section 28(va)(a), there is no condition of...

  5. Non-Compete fees - taxability - chargeable to tax as ‘business income’ - AT

  6. Profits in lieu of salary - chargeable to tax u/s 17(3) or section 28(va) - appellant was not an employee - compensation attributable to a negative/restrictive covenant...

  7. Non-compete fees - payment received as non-competition fee under a negative covenant is a capital receipt and not taxable under the Act. - HC

  8. Capital receipt or revenue receipt - Compensation as business profit u/s 28(va) - what was transferred was a right to carry on business and that being so, application of...

  9. The non-compete fee received by the assessee pursuant to the agreement dated 25.07.2007, which therein refrained him from practising the profession as a chartered...

  10. Nature of receipt - Compensation received for pre-closure of contract manufacturing agreement is in the nature of capital receipt paid for loss of profit from business /...

 

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