https://www.taxtmi.com/caselaws?id=60082 Sale proceeds from an export licence used as part of the assessee's profit-making structure were treated as capital in nature, not trading receipts. Because the assessee was not in the business of dealing in licences and the licence was not stock-in-trade, section 28(iiia) did not apply and the receipt was not assessable as business income. The same amount was also held outside capital gains tax, since no ascertainable cost of acquisition for the licence itself was shown; without a computable acquisition cost, the charging provision for capital gains could not operate. The sale consideration was therefore not taxable under either head. en-us Thu, 09 Mar 1995 00:00:00 +0530 Mon, 03 Jan 2011 16:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60082 Sale proceeds from an export licence used as part of the assessee's profit-making structure were treated as capital in nature, not trading receipts. Because the assessee was not in the business of dealing in licences and the licence was not stock-in-trade, section 28(iiia) did not apply and the receipt was not assessable as business income. The same amount was also held outside capital gains tax, since no ascertainable cost of acquisition for the licence itself was shown; without a computable acquisition cost, the charging provision for capital gains could not operate. The sale consideration was therefore not taxable under either head. Case-Laws Income Tax Thu, 09 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60082