Allowability of non-compete fee paid - As the case of the...

Allowability of non-compete fee paid - As the case of the Assessing Officer appears to be that the non-compete consideration is nothing but a part of the consideration payable for acquisition of shares of the appellant company and, therefore, any consideration paid for acquisition of shares cannot be allowed as revenue deduction while computing the business profits as taxable. - This finding made by the Assessing Officer remains uncontroverted by leading necessary evidence on record. - the claim made by the assessee cannot be allowed as deduction - Additions confirmed - AT