Law:

Section:

Section 28(iiib) of the Income-tax Act, 1961 - Business income - Cash assistance - Assessment year 1984-85 - Whether in view of clause (iiib) of section 28 inserted by the Finance Act, 1990 with retrospective effect from 1-4-1967, amount of export cash assistance is a revenue receipt and liable to be taxed - Held, yes Mrs. Mona Bhatt for the Applicant. JUDGMENT M.S. Shah, J. - In this reference at the instance of the revenue, the following question is referred for our opinion in respect of the assessment year 1984-85 : "Whether the Tribunal was right in law and on facts in deleting the addition of Rs. 1,89,229 on account of 'export cash assistance' treating the same as a capital receipt ?" 2. Heard Mrs. Mona Bhatt, the learned standing counsel for the applicant-revenue. Though served, none appears for the respondent-assessee. 3. The learned counsel for the revenue has invited our attention to the provisions of section 28(iiib) of the Income-tax Act, 1961 and submitted that in view of the aforesaid clause inserted by the Finance Act, 1990 with retrospective effect from 1-4-1967, the amount of export cash assistance received by…

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