TMI Blog1995 (11) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... rt 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 : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in directing the Income-tax Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, the gross total 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 q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by an exporter was a revenue receipt and was subject to income-tax. The Special Bench of the Income-tax Appellate Tribunal has, however, in a case, distinguished the aforesaid decision and come to the conclusion that the 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 incen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... These amendments will take effect retrospectively from the dates from which these incentives were introduced. Thus, amendment with regard to profit on sale of import entitlement licences will apply from 1st April, 1962 ; cash assistance from 1st April, 1967, and drawback of duty from 1st April, 1972, and will, accordingly, apply in relation to the assessment years 1962-63, 1967-68 and 1972-73, re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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