Non-Compete Fees received on sale of business after 01/04/2003 is taxable as Business income u/s 28(va)

Brief Facts of the case The issues involved in the appeal was arose out of non-compete and non-solicitation agreements entered into between the assessees and Thermo Electron India LLS Pvt. Ltd. (‘Thermo’). The assessees in both the appeals were directors of M/s Chemito Technologies Pvt. Ltd. (‘Chemito’). On 27th May 2008 Chemito sold one of its divisions to Thermo. Vide an agreement dated 02nd June 2008, the Thermo entered into agreements of non-compete and non-solicitation under which the assessee agreed and undertook not to engage in any business directly or indirectly or ot...