https://www.taxtmi.com/caselaws?id=66374 The Tribunal upheld the first appellate authority's decision, determining that the amounts received by the assessee under the non-compete agreement and for goodwill were capital receipts. The provisions of Section 28(ii) were deemed inapplicable, and the receipt was not taxable as revenue income. Additionally, the Tribunal rejected the application of Section 50(2) for short-term capital gains, affirming the treatment of the receipt as a capital gain. The Revenue's appeals were dismissed. en-us Tue, 31 Jan 2006 00:00:00 +0530 Mon, 02 Jul 2012 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66374 The Tribunal upheld the first appellate authority's decision, determining that the amounts received by the assessee under the non-compete agreement and for goodwill were capital receipts. The provisions of Section 28(ii) were deemed inapplicable, and the receipt was not taxable as revenue income. Additionally, the Tribunal rejected the application of Section 50(2) for short-term capital gains, affirming the treatment of the receipt as a capital gain. The Revenue's appeals were dismissed. Case-Laws Income Tax Tue, 31 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66374