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clarification on sec 28 chargeability in business n professi

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Tima (Querist)

06 October 2008 sirs

sec 28 - chargeability in business n profession have the following clauses

if he is an exporter
(iiia) profit on sale of import entitlement or exim scrip. - "what is meant by it"?

(iiib) cash assistance - "what is meant by it"?

(iiid) profit on transfer of "duty entitlement pass book scheme" - "what is meant by this"?

(iiie) profit on transfer of "duty replinshment certificate" - "what is meant by this"?

if explained with examples it will be a great help.

thanks

tima

PIYUSH JAIN

PIYUSH JAIN (Expert)

07 October 2008 Dear Tima,
1- profit on sale of Import lic - Under Import control order act, on fulfillment of certain conditions like export, Import licence is issued to the concern, its a right to Import, which he can sell to other, that Income will be included in Business Income.

2- Cash Assistance- If exporter gets assisstance ( Aid ) for that export under govt. scheme that Income ( Aid )is business Income.

3&4 - Same as Point 1.

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