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DELHI HIGH COURT
SANJIV KHANNA, R.V.EASWAR
Commissioner of Income Tax – Appellant
Versus
Nagesh Knitwears P. Ltd. – Respondent
JUDGMENT
Sanjiv Khanna, J.:
Revenue has preferred these appeals under Section 260A of the Income Tax Act, 1961 (Act, for short) in which the issue and contention which requires examination is whether the premium received on sale of export quota is covered by Section 28(iiia) to 28(iiic) and accordingly, has to be included while computing the deduction as per the provisos to sub-Section (3) of Section 80HHC of the Act.
2. The assessees and the assessment year involved are different and we only record that the assessees have succeeded in all cases before the tribunal. As an identical or similar legal issues and question of law arise for our consideration, the appeals are being disposed of by this common order. Before we examine facts of each individual cases, we deem it appropriate to refer to and examine the legal position.
3. Section 28(iiia) to 28(iiie) read as under:
"28. Profits and gains of business or profession.-The following income shall be chargeable to income tax under the head "Profits and gains of business or profession",-
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(iii-a) profits on sale of a licence granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 (
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