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Non-compete fee of Rs. 39.35 crore treated as capital gain, not business income, due to restrictive covenant.

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....Non compete fee receipt - long term capital gain or business income - the amount of ₹ 39,35,00,000/- received by the assessee company as non compete fee, is a component attributable in a negative / restrictive covenant and as such, is a capital receipt - taxable as LTCG - AT....

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