TaxTMI 
TaxTMI 
TaxTMI 
2013 (7) TMI 997
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....udgement Rajive Bhalla , J. (Oral): The revenue has come up in appeal against order dated 11.8.2005 passed by the Income Tax Appellate Tribunal, Chandigarh Bench-A, Chandigarh by raising following questions of law:- "Whether on the facts and law, the Hon'ble Income Tax Appellate Tribunal was legally justified to include the premium on export quota sales in the total turnover for computing....
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....rder passed by the Assessing Officer as well as the Commissioner of Income Tax (Appeals) whereby the appellant's claim for deduction of premium on export quota sales was disallowed. Counsel for the respondent submits that the Income Tax Department has itself issued a circular dated 23.2.1998 clarifying that premium on sale of export quota statutorily receives the same treatment as profit on s....
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....he appeal should be dismissed. We have heard counsel for the parties, perused the impugned order as well as the orders passed by the Assessing Officer and the Commissioner of Income Tax (Appeals). The revenue seeks to raise a plea that the premium on sale of export quota does not fall within definition of business income as it falls within the definition of income from other sources and, therefo....
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....his Court in ITA No.180 of 2006, Commissioner of Income Tax, Ludhiana-II v. M/s Greatways Pvt. Ltd., which was decided against the revenue and the question of law, framed in the present petition has been answered against the revenue. Counsel for the appellant, despite his valiant attempt to distinguish the aforesaid judgment, is unable to refer to any statutory provisions, much less any principle ....