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TMI Blog1998 (8) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of the Revenue by the Income-tax Appellate Tribunal for the opinion of the High Court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that cash compensatory support received by the assessee is not taxable as income ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal erred in law in not holding that duty dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given retrospective effect from April 1, 1967, the consequence whereof is that cash compensatory support received by the assessee is to be treated as profits/gains of business and hence as income. Similarly, the Finance Act, 1990, has inserted clause (iiia) in section 28 and sub-clause (va) in section 2(24) of the Act, the consequence whereof is that profit on sale of import entitlements has to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the same would be liable to be taxed as income. So far as profit on sale of imported machinery (Rs. 11,477) is concerned, the statement of case as also the order of the Tribunal do not contain any details. However, a perusal of the order of the Commissioner of Income-tax (Appeals) shows his having observed, "had the goods been imported resultant profits would have been assessed as business pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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