1998 (1) TMI 33

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..... ome-tax Act, 1961, made at the instance of the assessee arising out of the assessment year 1982-83 seeking opinion of the High Court on the following question of law : "Whether, on the facts and circumstances of the case, the Tribunal was legally justified in holding that the amount of Rs. 2,72,036 on account of import entitlements received by the assessee was assessable to income-tax as busines .....

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..... ss or profession". An amendment 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 .....

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