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Income Tax - Highlights / Catch Notes

Home Highlights December 2011 Year 2011 This

Non Competition Fee - expenditure claimed by the assessee in ...

Income Tax

December 17, 2011

Non Competition Fee - expenditure claimed by the assessee in pursuance of non-compete agreement are capital expenditure-.... - AT

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  1. The expenditure incurred by the assessee towards royalty and fee for technical assistance in pursuance of the licence agreement were revenue expenditure and not capital...

  2. Assessment in pursuance of research u/s 153A - It is not open for the assessee to seek deduction or claim expenditure which has not been claimed in the original assessment - HC

  3. Disallowance of non-compete fees - Capital or revenue expenditure - expenditure has to be disallowed as capital expenditure - however depreciation to be allowed - AT

  4. Non-compete fees - capital expenditure or revenue expenditure – warding off competition in business will constitute capital expenditure.... - HC

  5. Classification of services - non competition fee - activity of ‘entering into non-compete agreement is nothing but a service covered by ‘support service of business and commerce’

  6. Expenditure on protection of copyright - there is no requirement for any further written agreement between the owner of the trademark and the assessee for sharing of...

  7. Disallowance of Non-Compete Compensation - Amount paid as non-compete fee being capital out lay, can not be allowed as revenue expenditure - AT

  8. Depreciation disallowed on non-compete fee - an agreement not to compete is purely personal - cannot be considered as the intellectual property right - no depreciation - AT

  9. TP - Non compete fees - Estimation of income - assessee had signed non compete agreement - no justification for non payment of non compete fees to the assessee -...

  10. Disallowance of expenditure - Payment of Privilege fees - Nature of expenditure - Exclusive privilege for wholesale trade of Indian made Foreign Liquor & Beer - claim allowed - AT

 

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