Click Here For Best Books On Taxation & Law. Upto 60% Off On Select Titles. Free Shipping & Pay On Delivery!
 

Click Here To Subscribe To Our Free Newsletter

Home › All Judgements › CIT vs. Narendra Desai (Bombay High Court)

CIT vs. Narendra Desai (Bombay High Court)

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: January 21, 2008 (Date of publication)
AY:
FILE:
CITATION:

Receipt for agreeing to refrain from carrying on a competing business under a restrictive covenant is a capital receipt and is not chargeable to tax either as a revenue receipt or as a capital gain as ss. 28(va) and 55(2)(a) are prospective and do not apply to the year in question.

See also: Saurabh Srivastava vs. DCIT (ITAT Delhi SB)

Related Posts:

  • Indian Express Newspapers (Bombay) Private Ltd vs. IAC (Bombay High Court) Section 40(3) of the Act bringing to tax land and building which is not used for business purposes by companies in which public are not substantially interested to tax under the Wealth Tax Act and leaving out those land and buildings which are used for business purposes by companies in…
  • CIT vs. L&T Finance Ltd (Bombay High Court) Mere using the words that there is concealment of income and / or furnishing inaccurate particulars of income would not in the absence of same being particularized, lead to imposition of penalty. It is only when the specified officer of the Revenue is satisfied that there has been concealment of…
  • S. Rajalakshmi vs. ITO (Bombay High Court) The reopening of assessment u/s 147 on the basis of information in the form of observations of ITAT is on sound footing and which constitutes a tangible material for the purpose of reopening as the assessee did not file her return of income as required u/s 139(1) of the Act…
  • Pr. CIT vs. Veedhata Tower Pvt. Ltd (Bombay High Court) The proviso to Section 68 of the Act has been introduced by the Finance Act, 2012 w.e.f. 1st April, 2013 and therefore it would be effective only from Assessment Year 2013-14 onwards and not for the earlier assessment years. Where the Revenue urges that the money has been received from…
  • Pr CIT vs. Grasim Industries Ltd (Bombay High Court) We have for a long time, taken into account that many of these are fresh entrants to the bar and in due course, would learn the standard expected of an Advocate. However, to our disappointment, many of them are refusing to learn. Therefore, the CBDT could consider holding of a…
  • CIT vs. Viksit Engineering Ltd (Bombay High Court) Thus two port-folios one for "Investment" and other for "Trading". Besides for the earlier years the Revenue accepted the claim of short term capital gain. Thus the income has to be taxed as short term capital gain. We are of the view that respondent holding the shares for a short…

Related Judgements

  1. Sumit Bhattacharya vs. ACIT (ITAT Mumbai Special Bench) 

    (i) Amounts received by an assessee from the foreign holding company of his employer company on redemption of stock appreciation rights, being “fruits of employment” is chargeable to tax as “salaries” despite the absence of an employer-employee relationship (ii) there … Sumit Bhattacharya vs. ACIT (ITAT Mumbai Special…
  2. Infosys Technologies (Supreme Court) 

    (i) A stock option which is subject to a ‘lock-in’ is not a chargeable perquisite u/s 17(2) on the date of grant, vesting or exercise. The benfit is purely notional. (ii) s. 17(2)(iiia) inserted w.e.f 1.4.2000 is not clarificatory; (iii) … Infosys Technologies (Supreme Court) Read More »
  3. CIT vs. Suresh N. Gupta (Supreme Court) 

    S. 158BB has to be read with the relevant Finance Act and the surcharge prescribed therein is applicable to a block assessment. The Proviso to s. 113 of the Act, though inserted by the Finance Act 2002 with effect from … CIT vs. Suresh N. Gupta (Supreme…
  4. Glenmark Laboratory vs. DCIT (ITAT Mumbai) 

    For purposes of s. 80HHC, the direct cost attributable to the earning of the DEPB license (equal to the value of the license on the date of receipt) has to be reduced from the direct cost of trading goods on … Glenmark Laboratory vs. DCIT (ITAT Mumbai) Read…
  5. Mayawati vs. DCIT (ITAT Delhi) 

    s. 68 does not apply to an assessee who does not maintain books of account. Balance sheet/statement of affairs and bank pass book do not constitute ‘books of account’. In considering the genuineness of the “gifts”, it must be borne … Mayawati vs. DCIT (ITAT Delhi) Read More…
0 comments on “CIT vs. Narendra Desai (Bombay High Court)”
1 Pings/Trackbacks for "CIT vs. Narendra Desai (Bombay High Court)"
  1. archives » Blog Archive » Rohitsava Chand vs. CIT (Delhi High Court) says:
    March 26, 2008 at 6:21 pm

    […] also: CIT vs. Narendra Desai (Bom) and Saurabh Srivastava vs. DCIT (Del) (SB). Posted in All Judgements, High Court […]