https://www.taxtmi.com/caselaws?id=58860 The Tribunal upheld the assessment of the sale proceeds of import entitlements as business income, considering them as profits under section 28(iv) of the Income-tax Act, 1961. It rejected the argument that import entitlements should be treated as capital assets under section 2(14) and dismissed the applicability of section 158A, as the identical question of law was not pending before the High Court. The appeals were consequently dismissed, affirming the classification of the sale proceeds as business income and denying the invocation of section 158A in the case. en-us Tue, 19 Aug 1986 00:00:00 +0530 Wed, 22 Dec 2010 15:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58860 The Tribunal upheld the assessment of the sale proceeds of import entitlements as business income, considering them as profits under section 28(iv) of the Income-tax Act, 1961. It rejected the argument that import entitlements should be treated as capital assets under section 2(14) and dismissed the applicability of section 158A, as the identical question of law was not pending before the High Court. The appeals were consequently dismissed, affirming the classification of the sale proceeds as business income and denying the invocation of section 158A in the case. Case-Laws Income Tax Tue, 19 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58860