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Case Law Details

Case Name : M/s Srivatsan Surveyors P. Ltd. Vs. Income Tax Officer (ITAT Chennai)
Related Assessment Year : 2002-03
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Facts:-Srivatsan Surveyors Pvt. Ltd. (‘Appellant’) is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10 million, on which depreciation was claimed, treating it as an intangible asset.

As per the covenant, Mr. Srivatsan agreed not to carry on his individual business of general insurance survey, loss assessment, valuation of assets, etc. for a period

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