Case Law Details
Learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT âDâ Bench Mumbai concluded that provisions of section 28(va)(a) would apply and consequently the amount received by that assessee would be chargeable to tax as business income and not under the head capital gains. The learned counsel for the assessee admitted that despite the case of the assessee that non-compete fees is assessable to tax under the head âLong Term Capital Gainsâ, in the light of the aforesaid decision the issue stands covered against the assessee.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No.3221/Mum/2011 – (Assessment Year: 2007-08)
Shri Rakesh Dungarmal Tainwala Vs. DCIT
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