Sunday, March 15, 2015

Non-Compete Fee Paid To Director- Revenue Expenditure

The ITAT in ACIT vs. Clariant Chemicals(i) Ltd. held that non-compete fee paid to director on his
retirement to restrict him from sharing his experience was revenue expenditure. The High Court of Andhra Pradesh held that un absorbed loss or carried forward depreciation spilled over block period shall not be adjusted against undisclosed income.


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