2015 (6) TMI 679

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.... : Mr P C Chhotaray, Adv. ORDER P. C. This appeal filed under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 10 December 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order dated 10 December 2012 of the Tribunal relates to Assessment Year 2006-07. 2. The appellant-assessee has urged the following questions of la....

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....er the Tribunal erred in holding that a disallowance under Section 14A was called for in the facts and circumstances of the case? (F) Whether the Tribunal erred in confirming the disallowance under Section 14A of the extent of 0.5% of the tax-free income, being excessive unreasonable perverse and as such no person properly instructed in law and on facts could have arrived at? (G) Whether on the ....

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....ompete fees i.e. revenue or not, the impugned order observes "This non-compete fees can not be considered as revenue expenditure as it is paid in the same agreement by which the contract which terminated.....". Further it states, "However since the AO and DRP did not examine the agreement and did not consider the nature of payment in its correct prespective we are of the opinion that claim of Rs. ....