https://www.taxtmi.com/caselaws?id=456373 ITAT Chennai held that non-compete fees paid by assessee constituted capital expenditure as part of business acquisition from GE India Pvt Ltd, not standalone revenue expense. The agreement formed integral part of asset purchase, creating right to conduct business without competition and protecting capital assets. Assessee entitled to depreciation under Section 32(1)(ii) on non-compete fees and related contracts. Regarding litigation and sales tax provisions, matter remitted to AO for fresh consideration after assessee provides complete details and scientific basis for estimates, following Rotork Control India precedent. en-us Fri, 20 Oct 2023 00:00:00 +0530 Sun, 21 Jul 2024 16:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456373 ITAT Chennai held that non-compete fees paid by assessee constituted capital expenditure as part of business acquisition from GE India Pvt Ltd, not standalone revenue expense. The agreement formed integral part of asset purchase, creating right to conduct business without competition and protecting capital assets. Assessee entitled to depreciation under Section 32(1)(ii) on non-compete fees and related contracts. Regarding litigation and sales tax provisions, matter remitted to AO for fresh consideration after assessee provides complete details and scientific basis for estimates, following Rotork Control India precedent. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456373