CHHOTALAL SAMJI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Leave granted.

(2.) This civil appeal pertains to assessment year 2001-02.

(3.) By the Finance Act, 1990, Section 28 of the Income-tax Act, 1961 has been amended by inserting therein, clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensure that cash compensatory support (CCS), duty drawback (DD) and profit on sale of import entitlement licences (IL) shall be taxable under the head "Profits and Gains of Business or Profession". In view of this amendment, the above three export incentives have got to be included in the profits of the business for computing the deduction under Section 80HHC.