1998 (1) TMI 33

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.... J.---This is a reference under section 256(1) of the Income-tax Act, 1961, made at the instance of the assessee arising out of the assessment year 1982-83 seeking opinion of the High Court on the following question of law : "Whether, on the facts and circumstances of the case, the Tribunal was legally justified in holding that the amount of Rs. 2,72,036 on account of import entitlements receiv....

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....ncome chargeable under the head "Profits and gains of business or profession". An amendment has also been effected in the definition of income in clause (24) of section 2 of the interpretation clause of the Act whereby any sum chargeable under clause (iiia) of section 28 is included in the definition of "income". These amendments, though inserted by the Finance Act of 1990, have been given a retro....