https://www.taxtmi.com/caselaws?id=378942 The court held that the receipt of Rs. 2,00,000 was taxable under section 28(va) of the Income Tax Act as it was related to the sale of the business division and constituted a revenue receipt. The appellant's argument that the amount was not limited to any 'activity' in relation to the business but was a transfer of the whole business was dismissed. The court emphasized that the compensation received under the non-compete agreement was directly linked to the sale of the business division and fell under the provisions of section 28(va). The appeal was dismissed as no relief could be granted. en-us Fri, 15 Mar 2019 00:00:00 +0530 Wed, 24 Apr 2019 09:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378942 The court held that the receipt of Rs. 2,00,000 was taxable under section 28(va) of the Income Tax Act as it was related to the sale of the business division and constituted a revenue receipt. The appellant's argument that the amount was not limited to any 'activity' in relation to the business but was a transfer of the whole business was dismissed. The court emphasized that the compensation received under the non-compete agreement was directly linked to the sale of the business division and fell under the provisions of section 28(va). The appeal was dismissed as no relief could be granted. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378942