Non-Compete Fee to be treated as Revenue Receipt from Post-Amendment to S.28 of Finance Act: ITAT [Read Order]

The bench found that there was no infirmity in the order of CIT(A) in holding the non-compete fee to be like a 'capital receipt' for the period before April 1, 2003
ITAT - ITAT mumbai - Income tax - appellate tribunal - income tax news - Finance act - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the non-competitive fee received by the assessee is treated as ‘revenue receipt’ in the hands of the assessee but only post-amendment, i.e., w.e.f. 01.04.2003. Lyka Labs Ltd, the respondent/assessee company is engaged in the business of manufacture and sale of bulk…

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