Re-Assessment justified against former Cricketer Srikanth

Shri K. Srikanth Vs ACIT (ITAT Chennai) Conclusion: Reassessment was justified by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth and non compete fee of Rs. 7.50 crores was exempt from tax being capital receipt; payment of Rs. 4.25 crores was made by assessee to ‘Indian Bank’ to settle loan availed by ‘Aditya Leather Exports Private Limited’ which was in default , out of non compete fee earned by assessee assessee was not entitled for deduction by way of diversion by overriding title as there was no charge held by ‘Indi...