Characterization of income - received to restrain the assessee ...

Restrictive Covenant: Income from Agreement to Avoid Insurance Business is Capital Receipt, Not Taxable Income.

August 16, 2019

Case Laws Income Tax HC

Characterization of income - received to restrain the assessee firstly, preventing them from entering into insurance business, secondly, preventing them from entering into an agreement with any other foreign insurance company - the condition is clear and lucid and it is to be treated as a 'restrictive covenant' - amount received was a capital receipt

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Characterization of income - received to restrain the assessee ...

Restrictive Covenant: Income from Agreement to Avoid Insurance Business is Capital Receipt, Not Taxable Income.

August 16, 2019

Case Laws Income Tax HC

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