The assessee received a non-compete fee under an agreement restraining it from carrying on a specified business activity. The Tribunal held that the receipt arose under a restrictive negative covenant and was a capital receipt. Since section 28(va), brought into force with effect from 1 April 2003, was prospective in operation, the receipt relating to the assessment year under consideration could not be taxed as business income. (AY. 1999-2000).