Taxability of Foreign Transaction Income as Professional Income Upheld

The High Court of Bombay held that income from brokerage and commission on foreign transactions is taxable as 'professional income'. The ruling favored the Revenue, following precedent.

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The High Court of Bombay ruled that income derived by an assessee firm from brokerage and commission on foreign transactions between scheduled banks and Reserve Bank of India is taxable as 'professional income'. The decision was based on a previous court ruling and was in favor of the Revenue.

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