https://www.taxtmi.com/caselaws?id=375107 The High Court upheld the Commissioner's decision regarding the tax treatment of a sum received by a partnership firm from transferring its international cargo business. The Court agreed that the amount attributable to the business transfer should be taxed as capital gains, while the portion related to the non-compete clause falls under business income. The Court emphasized that the entire sale consideration couldn't be solely attributed to the non-compete clause and dismissed the appeal, affirming the tax treatment applied by the Commissioner and upheld by the Tribunal. en-us Wed, 06 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375107 The High Court upheld the Commissioner's decision regarding the tax treatment of a sum received by a partnership firm from transferring its international cargo business. The Court agreed that the amount attributable to the business transfer should be taxed as capital gains, while the portion related to the non-compete clause falls under business income. The Court emphasized that the entire sale consideration couldn't be solely attributed to the non-compete clause and dismissed the appeal, affirming the tax treatment applied by the Commissioner and upheld by the Tribunal. Case-Laws Income Tax Wed, 06 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375107