https://www.taxtmi.com/caselaws?id=38197 Sale proceeds of import entitlements obtained under an export promotion scheme were treated as taxable trading receipts, not capital receipts, because the entitlements arose directly from export-linked business activity and represented a business advantage acquired as of right on compliance with scheme conditions. The Court also held that the same benefit fell within section 28(iv) as an advantage arising from business, since its commercial character was not altered by the fact that it could be sold for money. On that reasoning, the receipts were assessed as business income and the reference was answered against the assessee. en-us Fri, 07 Apr 1978 00:00:00 +0530 Sat, 03 Apr 2010 16:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38197 Sale proceeds of import entitlements obtained under an export promotion scheme were treated as taxable trading receipts, not capital receipts, because the entitlements arose directly from export-linked business activity and represented a business advantage acquired as of right on compliance with scheme conditions. The Court also held that the same benefit fell within section 28(iv) as an advantage arising from business, since its commercial character was not altered by the fact that it could be sold for money. On that reasoning, the receipts were assessed as business income and the reference was answered against the assessee. Case-Laws Income Tax Fri, 07 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38197