https://www.taxtmi.com/caselaws?id=38969 Rebate under clause 2(5)(a) of the Finance Act, 1966 had to be computed under section 2(5)(d) and Rule 2(2) of the Income-tax (Determination of Export Profits) Rules, 1966 by ascertaining export income under the Income-tax Act, 1961. Cash subsidy linked to export loss and proceeds from sale of import entitlements were treated as business receipts referable to export activity and included in export profits. The narrower argument that only profits proximately caused by the export qualified was rejected because the statutory scheme brought these receipts within export-derived gains for rebate purposes. en-us Tue, 07 Sep 1976 00:00:00 +0530 Thu, 27 Jul 2017 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38969 Rebate under clause 2(5)(a) of the Finance Act, 1966 had to be computed under section 2(5)(d) and Rule 2(2) of the Income-tax (Determination of Export Profits) Rules, 1966 by ascertaining export income under the Income-tax Act, 1961. Cash subsidy linked to export loss and proceeds from sale of import entitlements were treated as business receipts referable to export activity and included in export profits. The narrower argument that only profits proximately caused by the export qualified was rejected because the statutory scheme brought these receipts within export-derived gains for rebate purposes. Case-Laws Income Tax Tue, 07 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38969