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| DATE: | March 26, 2008 (Date of publication) |
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Non-compete compensation received by an employee-director for agreeing not to carry on any business activity relating to software development for a period of 18 months constitutes a capital receipt as it is for loss of a source of income.
See also: CIT vs. Narendra Desai (Bom) and Saurabh Srivastava vs. DCIT (Del) (SB).

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