https://www.taxtmi.com/caselaws?id=58982 The ITAT Bombay-D upheld the decision of the Commissioner (Appeals) in a case concerning the taxability of receipts from the transfer of import entitlements. The ITAT ruled that the profit on the sale or transfer of import entitlements constituted taxable business income as they were acquired during the course of business activities. The ITAT emphasized that the import entitlements were revenue assets, not capital assets, and aligned with precedents holding profits from trading activities as taxable. The appeals filed by the assessee-company were dismissed as they failed to demonstrate errors in the revenue authorities' calculations. en-us Thu, 29 Aug 1985 00:00:00 +0530 Thu, 23 Dec 2010 14:08:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58982 The ITAT Bombay-D upheld the decision of the Commissioner (Appeals) in a case concerning the taxability of receipts from the transfer of import entitlements. The ITAT ruled that the profit on the sale or transfer of import entitlements constituted taxable business income as they were acquired during the course of business activities. The ITAT emphasized that the import entitlements were revenue assets, not capital assets, and aligned with precedents holding profits from trading activities as taxable. The appeals filed by the assessee-company were dismissed as they failed to demonstrate errors in the revenue authorities' calculations. Case-Laws Income Tax Thu, 29 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58982