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of <h1>Export cash assistance taxable as revenue receipt under Income Tax Act</h1> The High Court of Gujarat held that export cash assistance received by the assessee is a taxable revenue receipt. The court ruled in favor of the Revenue ... 'Whether the Tribunal was right in law and on facts in deleting the addition of Rs. 1,89,229 on account of 'export cash assistance' treating the same as a capital receipt?' - Clause (iiib) of section 28 inserted with retrospective effect from April 1, 1967 - In view of the aforesaid legislative amendment with retrospective effect, there can be no scope for any controversy and it has to be held that the export cash assistance received by the assessee was a revenue receipt. - In view of the above discussion, our answer to the question is in the negative, i.e., in favour of the Revenue and against the assessee. The High Court of Gujarat ruled that export cash assistance received by the assessee is a revenue receipt and is taxable. The court's decision was in favor of the Revenue and against the assessee for the assessment year 1984-85.
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