https://www.taxtmi.com/caselaws?id=24930 The High Court upheld the addition of the premium realized on the sale of import entitlements as taxable income, rejecting the assessee's argument that it was a windfall and casual receipt. The Court determined that the premium was received in the course of business and as a result of trading activities, making it part of the taxable income. Emphasizing the direct relation to the main business activities, the Court dismissed the claim that the amount was casual income. The decision aligned with precedents and ruled in favor of the Revenue, affirming the Tribunal's decision and dismissing the reference. en-us Mon, 21 Sep 1987 00:00:00 +0530 Sat, 23 Jan 2010 12:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24930 The High Court upheld the addition of the premium realized on the sale of import entitlements as taxable income, rejecting the assessee's argument that it was a windfall and casual receipt. The Court determined that the premium was received in the course of business and as a result of trading activities, making it part of the taxable income. Emphasizing the direct relation to the main business activities, the Court dismissed the claim that the amount was casual income. The decision aligned with precedents and ruled in favor of the Revenue, affirming the Tribunal's decision and dismissing the reference. Case-Laws Income Tax Mon, 21 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24930