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 27^th May 2008 Chemito sold one of its divisions to Thermo. Vide an agreement dated 02^nd June 2008, the Thermo entered into agreements of non-compete and non-soli

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