https://www.taxtmi.com/caselaws?id=31109 The Court held that the non-compete fee received by the Assessee was properly disclosed and constituted a capital receipt not chargeable to tax. The Tribunal upheld this decision, noting that the fee did not qualify as undisclosed income under Section 158B(b) of the Income Tax Act, as it had been disclosed in the regular return. The Court emphasized the necessity of both non-disclosure by the Assessee and detection during a search for a transaction to be considered undisclosed income for block assessment, ultimately dismissing the appeal. en-us Tue, 19 Feb 2008 00:00:00 +0530 Sun, 19 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31109 The Court held that the non-compete fee received by the Assessee was properly disclosed and constituted a capital receipt not chargeable to tax. The Tribunal upheld this decision, noting that the fee did not qualify as undisclosed income under Section 158B(b) of the Income Tax Act, as it had been disclosed in the regular return. The Court emphasized the necessity of both non-disclosure by the Assessee and detection during a search for a transaction to be considered undisclosed income for block assessment, ultimately dismissing the appeal. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31109