https://www.taxtmi.com/caselaws?id=243020 Interest and consideration received from sale of import entitlements were held to have a direct nexus with the business of the undertaking and therefore qualify as income of the undertaking for purposes of export-related exemption. The court reasoned that although such receipts do not assume the character of profit on sale of goods, they are incidental income derived from export operations and fall within the definition of income from profits and gains; accordingly the amounts are eligible for exemption under the export-income provision. The tribunal's extension of exemption to these receipts was upheld and the appeals by Revenue failed. en-us Wed, 11 Dec 2013 00:00:00 +0530 Thu, 05 Feb 2026 11:23:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243020 Interest and consideration received from sale of import entitlements were held to have a direct nexus with the business of the undertaking and therefore qualify as income of the undertaking for purposes of export-related exemption. The court reasoned that although such receipts do not assume the character of profit on sale of goods, they are incidental income derived from export operations and fall within the definition of income from profits and gains; accordingly the amounts are eligible for exemption under the export-income provision. The tribunal's extension of exemption to these receipts was upheld and the appeals by Revenue failed. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243020