Home Highlights February 2016 Year 2016 This

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1. Non-compete fees receipt - taxability under Section 17(3)(iii) or 28(va) as salary income or business income or not - profit in lieu of salary - assessee is an...

2. TP - Non compete fees - Estimation of income - assessee had signed non compete agreement - no justification for non payment of non compete fees to the assessee -...

3. Income accrued in India - Characterization of income - 'Salary' or 'Profit in lieu of Salary' OR 'Business income' - The amount paid to the employees under the non...

4. TDS u/s 194L - TDS on the payment of non-compete fee - non compete fee did not confer any exclusive right to carry-on the primary business activity. The right is...

5. Disallowance of depreciation u/s 32 - intangible assets - amount paid for non compete fees - non compete fee is not an eligible intangible asset as the words “similar...

6. Non-compete fees paid - non-compete fee paid by the assessee did not create any capital assets, the same was revenue in nature- AT

7. Depreciation on the capitalised sum of non - compete fees - as non compete fee is not an asset, depreciation cannot be allowed - AT

8. Non-Compete fees - taxability - chargeable to tax as ‘business income’ - AT

9. Nature of payment of compensation in lieu of the non-compete agreement after retirement - whether non taxable in the hands of the assessee being a capital receipt -...

10. Disallowance of Non-Compete Compensation - Amount paid as non-compete fee being capital out lay, can not be allowed as revenue expenditure - AT

11. Non-compete fees - payment received as non-competition fee under a negative covenant is a capital receipt and not taxable under the Act. - HC

12. Penalty u/s 271(1)(c) was imposed for disallowance of depreciation on non-compete fees. The CIT(A) relied on Sharp Business System [2012 (11) TMI 324 - Delhi High...

13. Non-compete fees paid to Ex-Managing Director - If the advantage is not for longer period and not enduring in nature, then such a payment of noncompete fee is nothing...

14. Depreciation disallowed on non-compete fee - an agreement not to compete is purely personal - cannot be considered as the intellectual property right - no depreciation - AT

15. Non-compete fees paid by assessee were held to be revenue expenditure, deductible u/s 28(va) of Income Tax Act. Relying on Gujarat High Court's decision in Smartchem...