https://www.taxtmi.com/caselaws?id=463380 HC held that amounts received by the assessee from a third party for not carrying out any activity in relation to its business are taxable as "Profits and gains of business or profession" under s.28(va)(a) and are not limited to non-compete fees. The court found the payments arose from a negative covenant (to cease commodity trading) rather than a transfer of business or transferable rights that would attract capital gains. The later-introduced s.28(ii)(e) did not apply, so the assessment treating the receipts as business income was upheld against the assessee and for the Revenue. en-us Tue, 13 Aug 2024 00:00:00 +0530 Thu, 28 Aug 2025 20:47:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463380 HC held that amounts received by the assessee from a third party for not carrying out any activity in relation to its business are taxable as "Profits and gains of business or profession" under s.28(va)(a) and are not limited to non-compete fees. The court found the payments arose from a negative covenant (to cease commodity trading) rather than a transfer of business or transferable rights that would attract capital gains. The later-introduced s.28(ii)(e) did not apply, so the assessment treating the receipts as business income was upheld against the assessee and for the Revenue. Case-Laws Income Tax Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463380