TMI Blog1995 (11) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... B. R. ARORA JUDGMENT The judgment of the court was delivered by B. R. ARORA J.--The Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, at the instance of the Revenue, under section 256(1) of the Income-tax Act, 1961, has referred the following questions of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of the assessee has to be worked out after deducting unabsorbed losses and unabsorbed depreciation and the income eligible for deduction under section 80HH will be the net income as computed in accordance with the provisions of the Act and not the gross income. " The first question is, therefore, answered in favour of the Revenue and against the assessee. So far as question No. (b) is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and was subject to income-tax. The Special Bench of the Tribunal has, however, in a case, distinguished the aforesaid decision and came to the conclusion that CCS was a capital receipt and hence not subject to tax. The Department's view all along has been that CCS or any other subsidy received by an exporter as an export incentive is a revenue receipt and hence taxable. 27.1 Similarly, the Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich these incentives were introduced. Thus, amendment with regard to profit on sale of import entitlement licences will apply from April 1, 1962, cash assistance from April 1, 1967, and drawback of duty from April 1, 1972, and will, accordingly, apply in relation to' the assessment years 1962-63, 1967-68 and 1972-73, respectively, and subsequent years. In view of the amendment made in the taxin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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