https://www.taxtmi.com/caselaws?id=212458 The Tribunal upheld the CIT(A)'s decision to treat payments as capital expenditure in the case involving the transfer and assignment of a business as a going concern, including non-compete obligations. The Tribunal rejected the assessee's arguments regarding supplementary deeds and apportionment of payments, citing previous orders and legal principles. Additionally, the claim for depreciation on the non-compete covenant was disallowed based on the timing of the agreements. Overall, the Tribunal dismissed all appeals, affirming the treatment of payments as capital expenditure and denying the claims for revenue treatment and depreciation. en-us Thu, 30 Jun 2011 00:00:00 +0530 Fri, 23 Nov 2012 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212458 The Tribunal upheld the CIT(A)'s decision to treat payments as capital expenditure in the case involving the transfer and assignment of a business as a going concern, including non-compete obligations. The Tribunal rejected the assessee's arguments regarding supplementary deeds and apportionment of payments, citing previous orders and legal principles. Additionally, the claim for depreciation on the non-compete covenant was disallowed based on the timing of the agreements. Overall, the Tribunal dismissed all appeals, affirming the treatment of payments as capital expenditure and denying the claims for revenue treatment and depreciation. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212458