https://www.taxtmi.com/caselaws?id=12968 Exchange difference on the relevant asset was treated as capital expenditure under section 43A, not as allowable revenue expenditure under sections 28 and 37, applying the settled principle governing exchange variation. The issue was decided for the Revenue and against the assessee. Receipt from sale of import entitlements was held to fall within section 28(iiia) and to be assessable as business income, without requiring further inquiry into other authorities. That issue was also decided for the Revenue and against the assessee. Both referred questions were answered against the assessee and the reference was disposed of accordingly. en-us Fri, 27 Jul 2001 00:00:00 +0530 Mon, 25 May 2009 16:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12968 Exchange difference on the relevant asset was treated as capital expenditure under section 43A, not as allowable revenue expenditure under sections 28 and 37, applying the settled principle governing exchange variation. The issue was decided for the Revenue and against the assessee. Receipt from sale of import entitlements was held to fall within section 28(iiia) and to be assessable as business income, without requiring further inquiry into other authorities. That issue was also decided for the Revenue and against the assessee. Both referred questions were answered against the assessee and the reference was disposed of accordingly. Case-Laws Income Tax Fri, 27 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12968