https://www.taxtmi.com/caselaws?id=28753 The court determined that receipts from the sale of import entitlements were rightly assessed as income from business and not as capital receipts. The court rejected the argument that the entitlements were capital assets, emphasizing they were earned in the course of business activities. Citing relevant case precedents, the court concluded that the receipts were revenue receipts. The applicant was denied relief under specific sections of the Finance Act, with all questions decided against the assessee, who was directed to pay the costs of the reference to the Commissioner. en-us Wed, 14 Jul 1982 00:00:00 +0530 Thu, 25 Feb 2010 14:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28753 The court determined that receipts from the sale of import entitlements were rightly assessed as income from business and not as capital receipts. The court rejected the argument that the entitlements were capital assets, emphasizing they were earned in the course of business activities. Citing relevant case precedents, the court concluded that the receipts were revenue receipts. The applicant was denied relief under specific sections of the Finance Act, with all questions decided against the assessee, who was directed to pay the costs of the reference to the Commissioner. Case-Laws Income Tax Wed, 14 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28753