Dismissing the appeal of the revenue the Court held that, Non-compete fee paid by assessee to founder of transferor company constituted business expenditure. (AY. 2001-02 )
ITO v. Smartchem Technologies Ltd. (2019) 103 taxmann.com 359 /262 Taxman 192 (Guj) (HC) Editorial: SLP of revenue is allowed, ITO v. Smartchem Technologies Ltd. (2019) 262 Taxman 191 (SC)
S. 37(1) : Business expenditure–Non-compete fee paid by assessee to founder of transferor company constituted business expenditure.