https://www.taxtmi.com/caselaws?id=274902 The Tribunal allowed the assessee's appeal against the Commissioner of Income-tax, Chennai's order, determining the taxability of Non-Compete Fee received. The Tribunal held that the fee constituted a capital receipt for the assessment year 2002-03 and could not be taxed under the amended provisions of section 28(va) of the Income Tax Act, 1961. It concluded that the Assessing Officer had appropriately considered the matter, and the Commissioner's order was merely based on a difference of opinion. The Tribunal set aside the Commissioner's order under section 263, ruling in favor of the assessee. en-us Fri, 24 Feb 2012 00:00:00 +0530 Mon, 10 Sep 2018 10:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274902 The Tribunal allowed the assessee's appeal against the Commissioner of Income-tax, Chennai's order, determining the taxability of Non-Compete Fee received. The Tribunal held that the fee constituted a capital receipt for the assessment year 2002-03 and could not be taxed under the amended provisions of section 28(va) of the Income Tax Act, 1961. It concluded that the Assessing Officer had appropriately considered the matter, and the Commissioner's order was merely based on a difference of opinion. The Tribunal set aside the Commissioner's order under section 263, ruling in favor of the assessee. Case-Laws Income Tax Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274902