Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
Discover the legal nuances in the Supreme Court judgment (Civil Appeal 582/2008) involving M/s Anis Ahmad and Sons versus Commissioner of Income Tax. Uncover the intricacies of the case where the appellant, a Commission Agent, challenges the classification as a ‘Trader.’ The court emphasizes that no adverse inference should be drawn due to non-appearance of certain traders and affirms the appellant’s role as an ‘Arhatiya’ (Commission Agent). Explore the details of the case and the court’s decision dated 22/01/2008.
There is no doubt that the non-compete agreement incorporates a restrictive covenant on the right of the Assessee to carry on his activity of development of software. It may not alter the structure of his activity, in the sense that he could carry on the same activity in an organization in which he had a small stake, but it certainly impairs the carrying on of his activity. To that extent it is a loss of a source of income for him and it is of an enduring nature, as contrasted with a transitory or ephemeral loss.
