9911796707
TMI Blog2016 (12) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court[2012 (8) TMI 526 - MADRAS HIGH COURT] - nature of receipt - whether amount received is on account of 'salary' or the same is a 'capital receipt'? Held that:- A perusal of the relevant provisions of Chapter VII of the Act [Part A, B, C and F of Chapter VII] would go to show that against salary a deduction, at the requisite rate at which income tax is to be paid by the person entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attached to the decision that what was received by the appellant – assessee under the Non-Compete Agreement was by way of salary. For the aforesaid reasons, the appeals are allowed; the order of the High Court so far as the payment of interest under Section 234B and Section 234C of the Act is set aside. X X X X Extracts X X X X X X X X Extracts X X X X ..... quiree Company on a going concern basis for a total consideration of ₹ 6,00,000/-. On the same date i.e. 15th October, 1993, a Non-Compete Agreement was signed between the appellant - Assessee and the Acquirer Company imposing a restriction on the appellant from carrying on any business of Computer Software development and marketing for a period of five years for which the appellant - Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture of the receipt, namely, that the same was salary. 4. A perusal of the relevant provisions of Chapter VII of the Act [Part A, B, C and F of Chapter VII] would go to show that against salary a deduction, at the requisite rate at which income tax is to be paid by the person entitled to receive the salary, is required to be made by the employer failing which the employer is liable to pay simple ..... X X X X Extracts X X X X X X X X Extracts X X X X
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