The High Court has made it clear that income derived from sale of export incentive cannot be argued to be ‘income derived from the industrial undertaking’. It has to be understood that though export incentive is obtained by way of appreciate course of business affairs, profit on sale of such incentive to another party will not be allowed deduction under Sec 80IB. Case : Commissioner of Income Tax vs Jaswand Sons
Income from sale of export incentive – Sec 80IB
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The High Court has made it clear that income derived from sale of export incentive cannot be argued to be ‘income derived from the industrial undertaking’. It has to be understood that though export incentive is obtained by way of appreciate course of business affairs, profit on sale of such incentive to another party will not be allowed deduction under Sec 80IB. Case : Commissioner of Income Tax vs Jaswand Sons