S. 28(va)(a) – Amount received for “not carrying out any activity in relation to any business” taxable only from A.Y. 2003-04

ACIT Vs. Dr. B.V. Raju (ITAT Hyderabad Special Bench)- What was transferred by Mr.B.V.Raju under the agreement dt. 27.10.1999 for which he was paid a sum of Rs. 11 crores by ICL. One should also read the above covenants in the non-compete agreement in the light of the preamble to the agreement which gives the background as to why the agreement was being entered into.

The preamble to the non-compete agreement refers to the fact that Mr.B.V.Raju during the course of his employment with Cement Corporation of Indi

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