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Non-compete fees paid by assessee were held to be revenue expenditure, deductible u/s 28(va) of Income Tax Act. Relying on Gujarat High Court's decision in Smartchem Technologies Limited, ITAT ruled that expenditure related to profit-earning apparatus is revenue in nature. Disallowance of non-compete fees by lower authorities was unjustified. Assessee's appeal was allowed.
Non-compete fees paid by assessee were held to be revenue expenditure, deductible u/s 28(va) of Income Tax Act. Relying on Gujarat High Court's decision in Smartchem Technologies Limited, ITAT ruled that expenditure related to profit-earning apparatus is revenue in nature. Disallowance of non-compete fees by lower authorities was unjustified. Assessee's appeal was allowed.
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