Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (12) TMI 16 - HC - Income TaxOn a true and correct interpretation of section 10(17A), Tribunal was legally correct in holding that the 'cash incentive' amounting to Rs. 7,45,258 constituted taxable income in the hands of the assessee - Tribunal should not have held that the sum of Rs. 7,45,258 did not partake of the character of 'income' as envisaged under the Income-tax Act, 1961, and was, accordingly, liable to be excluded from the computation of 'taxable income' in the hands of the assessee - So far as the question as to whether the amount of cash incentive, duty drawback and premium entitlement received by the applicant can be included in the "export turnover" and deduction under section 80HHC of the Act was available or not is concerned, it may be mentioned here that the aforementioned amount has been paid by the Government to the applicant under the "export promotion policy" of the Government of India and therefore it will not form part of the export turnover and deduction under section 80HHC is not available on such portion of the income.
|