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of <h1>Import Entitlements Sale Value Taxable as Business Income; Transportation Charges Not Deductible</h1> <h3>Wings Wear Pvt. Limited Versus Commissioner Of Income-Tax</h3> The High Court of Delhi held that for the assessment year 1980-81, the sale value of import entitlements is assessable as income from business and ... Profit On Sale, Import Entitlements, Law Applicable The High Court of Delhi ruled on two questions of law for the assessment year 1980-81:1. Sale value of import entitlements is assessable as income from business.2. Transportation charges of goods within India are not eligible for deduction under section 35B of the Income-tax Act.The judgment favored the Revenue in both cases.
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