https://www.taxtmi.com/caselaws?id=37197 Export subsidy received on surrender of import entitlement was treated as revenue receipt chargeable as business income because it was granted for export performance and was directly linked to the quantity exported. The amount arose from trading operations and operated as an additional payment for goods sold abroad, so it was part of profits and gains of business rather than a capital or casual receipt. The absence of section 28(iv) for the relevant assessment year did not alter this character, as the receipt still fell within section 28. The subsidy was therefore taxable as income. en-us Fri, 14 Sep 1979 00:00:00 +0530 Sat, 27 Mar 2010 13:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37197 Export subsidy received on surrender of import entitlement was treated as revenue receipt chargeable as business income because it was granted for export performance and was directly linked to the quantity exported. The amount arose from trading operations and operated as an additional payment for goods sold abroad, so it was part of profits and gains of business rather than a capital or casual receipt. The absence of section 28(iv) for the relevant assessment year did not alter this character, as the receipt still fell within section 28. The subsidy was therefore taxable as income. Case-Laws Income Tax Fri, 14 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37197