1998 (1) TMI 54

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der section 256(1) of the Income-tax Act, 1961, arising out of the assessment year 1974-75 and made at the instance of the assessee seeking the opinion of the High Court on the following question of law : "Whether, on the facts and in the circumstances of the case, the premium of Rs. 4,75,322 earned on transfer of import entitlements is income liable to tax?" The plea raised on behalf of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndment 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 retrospective effect from April 1, 1962. The assessment year 1974-75 is clearly covered by....