https://www.taxtmi.com/caselaws?id=27047 The court held that the sale of import entitlements by an exporter should be treated as business profits, following the decision of the Bombay High Court. The court rejected the argument for a reference and upheld the treatment of the sale proceeds as revenue, not capital receipt. The sale of import licenses without actual importation was deemed to be part of the business profits, emphasizing that exploiting entitlements through sale does not change the nature of the receipt. en-us Thu, 14 Mar 1985 00:00:00 +0530 Wed, 10 Feb 2010 13:55:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27047 The court held that the sale of import entitlements by an exporter should be treated as business profits, following the decision of the Bombay High Court. The court rejected the argument for a reference and upheld the treatment of the sale proceeds as revenue, not capital receipt. The sale of import licenses without actual importation was deemed to be part of the business profits, emphasizing that exploiting entitlements through sale does not change the nature of the receipt. Case-Laws Income Tax Thu, 14 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27047