https://www.taxtmi.com/caselaws?id=12062 Export cash assistance received against exports is treated by statute as business income under section 28(iiib), which expressly brings such assistance within profits and gains of business or profession. Because the provision was inserted with retrospective effect from 1 April 1967, the character of the receipt is determined by the Income-tax Act itself and it cannot be regarded as a capital receipt. The assistance was therefore taxable as a revenue receipt, and the issue was answered in favour of the Revenue. en-us Wed, 03 Jul 2002 00:00:00 +0530 Tue, 16 Feb 2010 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12062 Export cash assistance received against exports is treated by statute as business income under section 28(iiib), which expressly brings such assistance within profits and gains of business or profession. Because the provision was inserted with retrospective effect from 1 April 1967, the character of the receipt is determined by the Income-tax Act itself and it cannot be regarded as a capital receipt. The assistance was therefore taxable as a revenue receipt, and the issue was answered in favour of the Revenue. Case-Laws Income Tax Wed, 03 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12062