2001 (7) TMI 42 - HC - Income Tax

Summary

The High Court of Delhi, in a judgment delivered by Judges Arijit Pasayat and D. K. Jain, answered questions regarding capital expenditure and business income under the Income-tax Act, 1961. The court ruled that the difference in exchange amounting to Rs.2,75,533 resulted in capital expenditure and the receipt from the sale of import entitlements amounting to Rs.7,38,634 constitutes business income assessable under the Act. The judgment was based on established legal principles and provisions of the Act.