Non-compete fee was allowable as deduction as it facilitated earning more profit in business ; SLP dismissed

INCOME TAX : SLP dismissed as withdrawn due to low tax effect against High Court ruling that where assessee made payment of non-compete fee to two of its directors, since advantage of restraining individuals from engaging in competition was in field of facilitating assessee's own business and rendering it more profitable and there was no increase in fixed capital, payment in question was to be allowed as revenue expenditure

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