https://www.taxtmi.com/caselaws?id=462403 HC held that non-compete fee received by assessee company from UK company for restraining from entering insurance business constituted capital receipt, not revenue. Following Sundaram Finance Ltd precedent and SC decision in Guffic Chem, court confirmed amount credited to capital receipt account did not fall within Section 2(24) income definition. CIT(A) correctly deleted AO's addition. Depreciation on UPS and voltage stabilizer allowed at 60% instead of assessee's claimed 100% or revenue's assessed 25%. en-us Tue, 30 Nov 2021 00:00:00 +0530 Thu, 19 Jun 2025 18:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462403 HC held that non-compete fee received by assessee company from UK company for restraining from entering insurance business constituted capital receipt, not revenue. Following Sundaram Finance Ltd precedent and SC decision in Guffic Chem, court confirmed amount credited to capital receipt account did not fall within Section 2(24) income definition. CIT(A) correctly deleted AO's addition. Depreciation on UPS and voltage stabilizer allowed at 60% instead of assessee's claimed 100% or revenue's assessed 25%. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462403