https://www.taxtmi.com/caselaws?id=210687 The Special Bench held that the sum of Rs. 11 crores accrued to the assessee under the non-compete agreement dated 27/10/1999 but was not assessable as capital gains for the assessment year 2000-01. The payment was for refraining from business activities and fell under Section 28(va)(a) of the Income Tax Act, applicable from 1-4-2003. Therefore, the sum received was considered a capital receipt and not taxable as capital gains. The appeal by the Revenue was dismissed. en-us Mon, 13 Feb 2012 00:00:00 +0530 Fri, 19 Aug 2016 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210687 The Special Bench held that the sum of Rs. 11 crores accrued to the assessee under the non-compete agreement dated 27/10/1999 but was not assessable as capital gains for the assessment year 2000-01. The payment was for refraining from business activities and fell under Section 28(va)(a) of the Income Tax Act, applicable from 1-4-2003. Therefore, the sum received was considered a capital receipt and not taxable as capital gains. The appeal by the Revenue was dismissed. Case-Laws Income Tax Mon, 13 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210687