https://www.taxtmi.com/caselaws?id=258634 The Court upheld the taxability of the amount received under a non-compete agreement as business income under section 28(va) of the Income Tax Act. Despite the Appellant not carrying on any business in the relevant year, the Court considered the receipts as revenue and not capital gains. The Court concluded that the amount was taxable under section 28(va) due to the sale of the business division, leading to deprivation of potential income, and dismissed the appeals seeking relief under long-term capital gains. en-us Mon, 13 Apr 2015 00:00:00 +0530 Tue, 11 Aug 2015 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258634 The Court upheld the taxability of the amount received under a non-compete agreement as business income under section 28(va) of the Income Tax Act. Despite the Appellant not carrying on any business in the relevant year, the Court considered the receipts as revenue and not capital gains. The Court concluded that the amount was taxable under section 28(va) due to the sale of the business division, leading to deprivation of potential income, and dismissed the appeals seeking relief under long-term capital gains. Case-Laws Income Tax Mon, 13 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258634