The Supreme Court has held that non-compete fees can be claimed as revenue expenditure under Section 37(1) of the Income Tax Act, 1961. The bench Justice Manoj Misra and Justice Ujjal Bhuyan has observed that the assessee had claimed interest on borrowed funds under Section 36(1)(iii) of the Act which was utilized for investment in…
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Non Compete Fee Can Be Claimed As Revenue Expenditure: SC
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.
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