https://www.taxtmi.com/caselaws?id=16492 Retrospective amendments to the Income-tax Act brought cash compensatory support, duty drawback and profit on sale of import entitlements within business income, and profit on sale of imported material was also treated as a business receipt rather than a capital receipt. The statutory insertion of the relevant clauses in section 28 and section 2(24) deemed these export-linked receipts to be profits and gains of business, with retrospective effect from the specified dates. On that basis, the receipts were taxable as income and the contrary capital-receipt contention failed. The reference was answered against the assessee on the substantive taxability issues, while unanswered questions were left undecided because they were not pressed. en-us Wed, 05 Aug 1998 00:00:00 +0530 Tue, 08 Sep 2009 11:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16492 Retrospective amendments to the Income-tax Act brought cash compensatory support, duty drawback and profit on sale of import entitlements within business income, and profit on sale of imported material was also treated as a business receipt rather than a capital receipt. The statutory insertion of the relevant clauses in section 28 and section 2(24) deemed these export-linked receipts to be profits and gains of business, with retrospective effect from the specified dates. On that basis, the receipts were taxable as income and the contrary capital-receipt contention failed. The reference was answered against the assessee on the substantive taxability issues, while unanswered questions were left undecided because they were not pressed. Case-Laws Income Tax Wed, 05 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16492