Sale of 'Import Entitlements' Not Exempt Under Income Tax Act

The Bombay High Court held that the amount from the sale of 'import entitlements' was not exempt under section 10(3) of the Income-tax Act, 1961, and was not eligible for rebate under section 2(4)(a)(i) and (ii) of the Finance (No. 2) Act of 1967. The ruling favored the Revenue, citing precedent.

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The Bombay High Court ruled that the sum of Rs. 12,10,279 from the sale of 'import entitlements' was not exempt under section 10(3) of the Income-tax Act, 1961, and was not eligible for rebate under section 2(4)(a)(i) and (ii) of the Finance (No. 2) Act of 1967. The judgment favored the Revenue based on precedent.

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