Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Jan-08-2003
Reported in : (2004)88ITD185(Chennai)
..... from 1-4-2003.4.11 the receipt, as rightly pointed out by the first appellate authority, is not a casual or non-recurring income in terms of section 10(3) of the act. the said receipt is a capital receipt as held in many cases, which are listed out from pages 77 to 83 of the paperbook, as under, and that ..... of the assessee to disclose fully and truly all material facts with reference to the non-taxability of the non-competing fees of rs. 3.2 crores. notice under section 148 of the act came to be issued. the notice was served on the assessee on 2-3-1999, in response to which the assessee had tiled a letter on 3-3 ..... of the terms thereto should alone be considered for taxation and not the amount received under separate agreement for non-competition.4.10 moreover sub-clause (va) to section 28 introduced by the finance act, 2002 with effect from 1-4-2003 would strengthen the view of the appellant regarding non-taxability of the receipt of non-compete fee.further, in view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Feb-14-2003
Reported in : (2004)88ITD333(Mad.)
..... learned commissioner submitted that the law has provided opportunities to the assessee for filing the returns of income, as stated in various provisions contained in section 139 of the income-tax act. the assessee has not furnished the returns. the assessee might have replied to the queries made by the asstt. director, but such compliance ..... accountant argued on this point at length. he submitted that the deputy director of income-tax (investigation), madurai had sent a statutory letter under section 131 of the income-tax act to the assessee on 1-3-1995. the assessee was asked to submit the particulars regarding her income-tax and wealth-tax assessments, sources ..... the assessment order were to be construed as the reasons so recorded, such reasons are vague and therefore not germane to assume valid jurisdiction under section 158bd of the income-tax act, 1961. on this additional ground also, we heard both sides in detail. the contention of shri venkatesan, the learned chartered accountant is .....
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