Profit on transfer of export duty remission certificates treated as taxable business income under income tax law. The amendment inserts deeming clauses into section 28 to treat profits on transfer of the Duty Entitlement Passbook and the Duty Free Replenishment Certificate, each a Duty Remission Scheme instrument under the export and import policy, as taxable business income arising under section 28, with retrospective effect for the fiscal commencements specified in the amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Profit on transfer of export duty remission certificates treated as taxable business income under income tax law.
The amendment inserts deeming clauses into section 28 to treat profits on transfer of the Duty Entitlement Passbook and the Duty Free Replenishment Certificate, each a Duty Remission Scheme instrument under the export and import policy, as taxable business income arising under section 28, with retrospective effect for the fiscal commencements specified in the amendment.
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