https://www.taxtmi.com/caselaws?id=59623 The Tribunal upheld the taxability of non-compete fees as a revenue receipt, disallowing the provision for bad debts pending retrospective amendment consideration. Various deductions and claims were remanded or dismissed, with some professional charges disallowed. The Tribunal allowed certain claims, treating employee release and contract cancellation compensations as capital receipts. Disallowances of losses and undisclosed income were upheld, while the valuation of closing stock net of Modvat followed Supreme Court precedent. Overall, both the assessee and Revenue appeals were partially allowed by the Tribunal. en-us Tue, 24 May 2005 00:00:00 +0530 Wed, 18 Jul 2012 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59623 The Tribunal upheld the taxability of non-compete fees as a revenue receipt, disallowing the provision for bad debts pending retrospective amendment consideration. Various deductions and claims were remanded or dismissed, with some professional charges disallowed. The Tribunal allowed certain claims, treating employee release and contract cancellation compensations as capital receipts. Disallowances of losses and undisclosed income were upheld, while the valuation of closing stock net of Modvat followed Supreme Court precedent. Overall, both the assessee and Revenue appeals were partially allowed by the Tribunal. Case-Laws Income Tax Tue, 24 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59623