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Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Disallowance of Non-Compete Compensation - Amount paid as ...

Income Tax

December 10, 2012

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

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  1. Non-compete fees paid - non-compete fee paid by the assessee did not create any capital assets, the same was revenue in nature- AT

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

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

  4. Amount paid to the Registrar of Companies, as filing fee for enhancement of capital was not revenue expenditure - AT

  5. Disallowance of depreciation u/s 32 - intangible assets - amount paid for non compete fees - non compete fee is not an eligible intangible asset as the words “similar...

  6. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

  7. Addition u/s 37(1) - non-competition fee - revenue or capital expenditure - it does not bring in any capital asset - the payment is allowable u/s 37(1) - HC

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

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

  10. Professional fees paid to the consultants in relation to cement project - capital expenditure or revenue expenditure? - Held as capital expenditure - HC

 

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