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TMI Blog2015 (1) TMI 968X X X X Extracts X X X X X X X X Extracts X X X X ..... as to ward off competition from Mr. Kapadia for a long time in future or forever so as to hold that benefit of enduring nature is received from such payment. The Tribunal has recorded a finding that exit of Mr. Kapadia would have immediate impact on the business of the assessee- company and in order to protect the business interest the assessee had paid the said amount to ward off the competition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal read thus: a) Whether on the facts and circumstances of the case and in law, the ITAT is right in deleting the dis-allowance of the sum of ₹ 67,50,000/- paid by respondent to it's outgoing Chairman without appreciating the fact that the same payment was made by the respondent not only for acquiring an enduring benefit by stopping it's outgoing Chairman in compet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year in question. According to the assessee, exit of Mr. Darius Kapadia from the service of the assessee company would be detrimental to the interest of the business unless he was restrained from carrying on similar business. Accordingly, a sum of ₹ 67,50,000 was paid by the assessee to the said out going Chairman thereby restraining him from competing with the business of the assessee for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old that benefit of enduring nature is received from such payment. The Tribunal has recorded a finding that exit of Mr. Kapadia would have immediate impact on the business of the assessee- company and in order to protect the business interest the assessee had paid the said amount to ward off the competition. In our opinion, the decision of the Tribunal is based on finding of facts and therefore, f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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