Non-compete fees paid to retiring partner held allowable as ...

Partners' non-compete fees allowed as revenue expense; unexplained credits added u/s 68.

January 20, 2025

Case Laws Income Tax AT

Non-compete fees paid to retiring partner held allowable as revenue expenditure. Addition u/s 68 for unexplained credits upheld due to lack of creditworthiness and genuineness of loan transactions; argument of assessee being newly established rejected as it claimed operational expenses.

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Non-compete fees paid to retiring partner held allowable as ...

Partners' non-compete fees allowed as revenue expense; unexplained credits added u/s 68.

January 20, 2025

Case Laws Income Tax AT

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