2000 (8) TMI 41

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....e Incometax Act, 1961 (in short "the Act"), the only question raised by the Revenue is whether the Income-tax Appellate Tribunal, Delhi Bench-A (in short "the Tribunal"), was justified in holding that the amount received by the assessee on account of forfeiture of advance guarantee commission is business income and not income from other sources, in terms of section 28(iiia) of the Act. The backgr....

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....repetition, we may indicate that the reason for coming to the conclusion that the income was not from business but was from other sources was not indicated in the order of assessment. The matter was carried in appeal before the Commissioner of Income-tax (Appeals) (in short "the CIT(A)"), who upheld the actions of the Assessing Officer holding that on consideration of the nature of the receipt the....

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....provision itself is very clear to the effect that profits on sale of a licence granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947, are part of the business income. It would be appropriate to quote section 28(iiia). The said provision reads as follows : "28. Profits and gains of business or profession.---The following income shall be chargeable....