https://www.taxtmi.com/caselaws?id=215643 The non-compete fees received by the assessees were held to be chargeable to tax as business income under Section 28(va). The claim for long-term capital loss on the sale of shares of M/s. Special Paints Ltd. was remanded to the AO for fresh examination. Disallowance under Section 14A for years prior to AY 2008-09 should be computed using a reasonable method, not Rule 8D. The allowability of professional fees as a deduction in computing capital gains was directed to be decided on merits. All eight appeals of the Revenue were allowed, three appeals of the assessees were dismissed, and six appeals of the assessees were partly allowed for statistical purposes. en-us Wed, 20 Jun 2012 00:00:00 +0530 Thu, 09 Aug 2012 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215643 The non-compete fees received by the assessees were held to be chargeable to tax as business income under Section 28(va). The claim for long-term capital loss on the sale of shares of M/s. Special Paints Ltd. was remanded to the AO for fresh examination. Disallowance under Section 14A for years prior to AY 2008-09 should be computed using a reasonable method, not Rule 8D. The allowability of professional fees as a deduction in computing capital gains was directed to be decided on merits. All eight appeals of the Revenue were allowed, three appeals of the assessees were dismissed, and six appeals of the assessees were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 20 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215643