https://www.taxtmi.com/caselaws?id=26147 The court held that the sale proceeds of the import entitlement constituted profits or gains taxable under section 28 of the Income-tax Act, 1961. The court considered the nature of the entitlement as a right directly related to the business activities of the petitioner, capable of being valued in money. It was determined that the sale of this right was not a capital asset but rather a benefit arising from business, falling within the scope of section 28. As a result, the Commissioner of Income-tax's decision to include the amount in the total income of the assessee was upheld, and the original petition was dismissed. en-us Tue, 24 Apr 1984 00:00:00 +0530 Wed, 03 Feb 2010 11:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26147 The court held that the sale proceeds of the import entitlement constituted profits or gains taxable under section 28 of the Income-tax Act, 1961. The court considered the nature of the entitlement as a right directly related to the business activities of the petitioner, capable of being valued in money. It was determined that the sale of this right was not a capital asset but rather a benefit arising from business, falling within the scope of section 28. As a result, the Commissioner of Income-tax's decision to include the amount in the total income of the assessee was upheld, and the original petition was dismissed. Case-Laws Income Tax Tue, 24 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26147