Non-compete fee taxable under business income

Dandvati Investments & Trading Company Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the amount of non-compete fee is taxable under section 28(va) of the Income Tax Act under the head ‘Income from Business & Profession’. Facts- Apart from other grounds, the assessee has preferred the present appeal on the ground of enhancement of total income holding non-compete fees as business income. Conclusion- The Co-ordinate Bench of Tribunal in the case of Harshit Finlease & Investment Pvt. Ltd. vs. Addl. CIT (supra), after analyzing the facts and considering various decisions co...