1998 (8) TMI 74 - HC - Income Tax

Summary

The High Court of Delhi ruled that cash compensatory support, duty drawback, and profit on sale of import entitlements are taxable as income due to retrospective amendments in the Income-tax Act. Profit on sale of imported machinery is also taxable as business profits. The court answered question No. 1 in favor of the Revenue and returned questions 2 and 3 unanswered.