https://www.taxtmi.com/caselaws?id=64034 The ITAT ruled in favor of considering the income from the sale of import entitlements as business income assessable under section 28(iv) or 28(i) of the Income-tax Act, 1961. The tribunal determined that the import entitlements were directly linked to the assessee's business activities of manufacturing and exporting carpets, being an integral part of its operations. Citing relevant precedents and the Import Trade Control Policy, the ITAT concluded that the premium received from the sale of import entitlements constituted taxable business income, distinguishing previous cases cited by the assessee's representative as not directly applicable. en-us Mon, 26 Apr 1982 00:00:00 +0530 Thu, 03 Feb 2011 12:59:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64034 The ITAT ruled in favor of considering the income from the sale of import entitlements as business income assessable under section 28(iv) or 28(i) of the Income-tax Act, 1961. The tribunal determined that the import entitlements were directly linked to the assessee's business activities of manufacturing and exporting carpets, being an integral part of its operations. Citing relevant precedents and the Import Trade Control Policy, the ITAT concluded that the premium received from the sale of import entitlements constituted taxable business income, distinguishing previous cases cited by the assessee's representative as not directly applicable. Case-Laws Income Tax Mon, 26 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64034