1995 (11) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nch, Jaipur, at the instance of the Revenue, under section 256(1) of the Income-tax Act, 1961, has referred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in allowing the claim of the assessee holding that cash compensatory receipt cannot be treated as revenue receipt for t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ubject-matter of litigation. The Calcutta High Court in the case of Jeewanlal (1929) Ltd. [1983] 142 ITR 448 (Cal) held that the CCS received by an exporter was a revenue receipt and was subject to income-tax. The Special Bench of the Tribunal has, however, in a case, distinguished the aforesaid decision and come to the conclusion that the CCS was a capital receipt and hence not subject to tax. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....'. These have further been included in the definition of the term 'income' in clause (24) of section 2. 27.3. These amendments will take effect retrospectively from the dates from which these incentives were introduced. Thus, amendment with regard to profit on sale of import entitlement licences will apply from 1st April, 1962 ; cash assistance from 1st April, 1967, and drawback of duty from 1st ....