Case Law Details
Case Name : ACIT Vs Lyka Labs Ltd. (ITAT Mumbai)
Appeal Number : ITA No. 2520/Mum/2023
Date of Judgement/Order : 27/05/2024
Related Assessment Year : 2002-03
Courts :
All ITAT ITAT Mumbai
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ACIT Vs Lyka Labs Ltd. (ITAT Mumbai)
In the case of ACIT vs. Lyka Labs Ltd., the primary issue revolved around the tax treatment of a non-compete fee received by Lyka Labs Ltd. from its joint venture, Lyka Hetro Health Care Limited (LHHCL). The dispute spanned the Assessment Year (A.Y.) 2002-03 and involved differing interpretations between the Revenue and the assessee regarding whether the receipt should be treated as a revenue or capital receipt.
Background and Facts
Lyka Labs Ltd., engaged in pharmaceutical manufacturing, received a total sum of Rs. 49.8 crores from LHHCL under various heads:
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