Non-compete fees received by Foreign Co. not taxable in absence of its PE in India: AAR

IT : Where applicant foreign company received non-compete fees from ADI BPO Services, an Indian Company, as a part of consideration for transfer of shares held in MPS Ltd. an Indian Company, it is income from "Profits and gains of business or profession" as provided under section 28(va) but it shall not be chargeable to tax in India in absence of any Permanent Establishment of Applicant in India, by virtue of Article 7 of Double Taxation Avoidance Agreement ('DTAA') between India and United King

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