1998 (8) TMI 74

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....lowing questions of law have been referred at the instance of the Revenue by the Income-tax Appellate Tribunal for the opinion of the High Court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that cash compensatory support received by the assessee is not taxable as income ? 2. Whether, on the facts and in the circumstances of the cas....

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....4) of the Income-tax Act, 1961. These amendments have been given retrospective effect from April 1, 1967, the consequence whereof is that cash compensatory support received by the assessee is to be treated as profits/gains of business and hence as income. Similarly, the Finance Act, 1990, has inserted clause (iiia) in section 28 and sub-clause (va) in section 2(24) of the Act, the consequence w....

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....he sale of import entitlements (question No. 2) are concerned, the same would be liable to be taxed as income. So far as profit on sale of imported machinery (Rs. 11,477) is concerned, the statement of case as also the order of the Tribunal do not contain any details. However, a perusal of the order of the Commissioner of Income-tax (Appeals) shows his having observed, "had the goods been impor....