https://www.taxtmi.com/caselaws?id=377225 Receipt arising from transfer of a concept developed in the course of employment, together with a non-compete covenant, was treated as business income because the payment was in substance for restraint on competition and protection of the purchaser's goodwill, not for a standalone self-generated asset. Even on the alternative characterisation as a capital receipt, the related right was described as a reversionary intangible or a right to use and develop the concept, with nil cost of acquisition under section 55(2)(a). The alternative capital gains claim was therefore rejected, and the amount remained taxable principally under section 28(va). en-us Fri, 08 Feb 2019 00:00:00 +0530 Tue, 26 Mar 2019 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377225 Receipt arising from transfer of a concept developed in the course of employment, together with a non-compete covenant, was treated as business income because the payment was in substance for restraint on competition and protection of the purchaser's goodwill, not for a standalone self-generated asset. Even on the alternative characterisation as a capital receipt, the related right was described as a reversionary intangible or a right to use and develop the concept, with nil cost of acquisition under section 55(2)(a). The alternative capital gains claim was therefore rejected, and the amount remained taxable principally under section 28(va). Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377225