https://www.taxtmi.com/caselaws?id=62180 The Tribunal held that the profit from the sale of Import Entitlements, obtained through exporting goods, is taxable as business income under section 28(iv) of the Income Tax Act. Despite the assessee's argument that it was a capital receipt, the Tribunal deemed the profit directly linked to the export transactions, classifying it as a trading receipt. Relying on precedents from various High Courts, the Tribunal concluded that such receipts are taxable as profits and gains of business. The appeal against the assessment order was dismissed, affirming the taxability of the profit from the sale of Import Entitlements as business income. en-us Fri, 25 Feb 1983 00:00:00 +0530 Tue, 18 Jan 2011 14:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62180 The Tribunal held that the profit from the sale of Import Entitlements, obtained through exporting goods, is taxable as business income under section 28(iv) of the Income Tax Act. Despite the assessee's argument that it was a capital receipt, the Tribunal deemed the profit directly linked to the export transactions, classifying it as a trading receipt. Relying on precedents from various High Courts, the Tribunal concluded that such receipts are taxable as profits and gains of business. The appeal against the assessment order was dismissed, affirming the taxability of the profit from the sale of Import Entitlements as business income. Case-Laws Income Tax Fri, 25 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62180