Non-compete agreement payments now taxable u/s 28(va) of the Income Tax Act, effective April 1, 2003.

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....Non-compete amount received - revenue v/s capital receipt - At any rate, with effect from 01.04.2003, by virtue of introduction of Section 28(va) to the Act, all monies received pursuant to a negative covenant become liable for the incidence of taxation, thus obliterating the distinction between the two that was available till then - HC....