1988 (12) TMI 13 - HC - Income Tax

Summary

The Bombay High Court ruled that the sum of Rs. 12,10,279 from the sale of 'import entitlements' was not exempt under section 10(3) of the Income-tax Act, 1961, and was not eligible for rebate under section 2(4)(a)(i) and (ii) of the Finance (No. 2) Act of 1967. The judgment favored the Revenue based on precedent.