https://www.taxtmi.com/caselaws?id=425032 The Tribunal dismissed the appeal challenging the final assessment order, upholding the Assessing Officer's decision to assess total income against the reported loss. The Tribunal affirmed the disallowance of the non-compete fee as revenue expenditure, determining it was capital in nature due to its link to a share acquisition agreement. Additionally, the Tribunal addressed concerns regarding depreciation on the non-compete fees, set off of brought forward losses, interest charges under sections 234B and 234D, and initiation of penalty proceedings under Section 271(1)(c), ultimately dismissing the appeal in its entirety. en-us Tue, 21 Jun 2022 00:00:00 +0530 Thu, 14 Jul 2022 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425032 The Tribunal dismissed the appeal challenging the final assessment order, upholding the Assessing Officer's decision to assess total income against the reported loss. The Tribunal affirmed the disallowance of the non-compete fee as revenue expenditure, determining it was capital in nature due to its link to a share acquisition agreement. Additionally, the Tribunal addressed concerns regarding depreciation on the non-compete fees, set off of brought forward losses, interest charges under sections 234B and 234D, and initiation of penalty proceedings under Section 271(1)(c), ultimately dismissing the appeal in its entirety. Case-Laws Income Tax Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425032