https://www.taxtmi.com/caselaws?id=13402 The Tribunal held that cash compensatory support received from the Government of India against exports is not taxable income. However, the High Court ruled in favor of the Revenue, stating that cash assistance received against exports is chargeable to income tax under the head "Profits and gains of business or profession" due to a retrospective amendment in the Income-tax Act introduced by the Finance Act, 1990. This case emphasizes the significance of correctly interpreting tax provisions and considering retrospective amendments affecting the taxability of specific receipts. en-us Tue, 18 Jan 2005 00:00:00 +0530 Thu, 28 May 2009 17:04:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13402 The Tribunal held that cash compensatory support received from the Government of India against exports is not taxable income. However, the High Court ruled in favor of the Revenue, stating that cash assistance received against exports is chargeable to income tax under the head "Profits and gains of business or profession" due to a retrospective amendment in the Income-tax Act introduced by the Finance Act, 1990. This case emphasizes the significance of correctly interpreting tax provisions and considering retrospective amendments affecting the taxability of specific receipts. Case-Laws Income Tax Tue, 18 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13402