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Direct Taxation (India)

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NON-COMPETE FEE BEING A BUSINESS INCOME WON'T BE TAXABLE IN INDIA UNLESS RECIPIENT HAS PE IN INDIA
19 April, 2016   COLORS OF INDIA NEWS AND MEDIA SERVICES






The ITAT Kolkata Bench 'C' in, Trans Global PLC v. Director of Income-tax (International Taxation)-3 (1), Kolkata, held that, where UK-based non-resident company was not having permanent establishment in India and received non-compete fee, same would not be taxed in India
Held, any business income arising to enterprise of UK is taxable only in UK unless enterprise is carrying on business in India through a permanent establishment situated therein. Assessee was a UK-based non-resident company. It received non-compete premium but did not offer said amount for tax in India. In reassessment proceedings, Assessing Officer was directed to compute capital gain on said amount. Held, non-compete premium was a business receipt assessable as such but assessee being a non-resident British company having no permanent establishment in India was not liable to tax on said amount in India.
{SOURCE: TAXMANN}

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