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TMI Blog2015 (6) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... not necessarily confer any exclusive right to carry on the primary activity of the assessee - assessee submitted that the assessee entered into non-compete agreement and acquired a commercial right - HELD THAT:- This Tribunal is of the considered opinion that when the assessee entered into an agreement to restrict the other party for using the trade mark, copyrights etc., it was a composite commer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee entered into agreements with M/s Aurobindo Pharmaceuticals Ltd. and M/s Citadel Fine Pharmaceuticals Ltd. The assessee took over all the assets and liabilities of these two companies and also entered into non-compete agreement with some key managerial personnel of M/s Aurobindo Pharmaceuticals Ltd. and M/s Citadel Fine Pharmaceuticals Ltd. According to the ld. DR, the non-compete fee paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s Pentasoft Technologies Ltd vs DCIT in Tax Case (Appeal) No.1195 of 2008 dated 29.10.2013. 5. We have considered the rival submissions on either side and also perused the material available on record. We have also gone through the judgment of the Hon'ble Madras High Court in the case of M/s Pentasoft Technologies Ltd (supra). The Hon'ble High Court found that there was a composite agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the order of this Tribunal in the case of M/s A.B. Maruti India Pvt. Ltd in I.T.A.No.1520/Mds/2007 allowed the claim of the assessee. This Tribunal is of the considered opinion that when the assessee entered into an agreement to restrict the other party for using the trade mark, copyrights etc., it was a composite commercial right acquired by the assessee as found by the Hon'ble Madras High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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