Export entitlements is an income assessable under Profits or gains from business or profession

ACIT Vs Nekkanti Sea Foods Limited (ITAT Visakhapatnam) ITAT Visakhapatnam held that the export entitlements is an income assessable under the head “profits or gains from business or profession” as per clause (iiib) and (iiid) to section 28 of the Income Tax Act, 1961. Facts- AO found that the assessee has claimed deduction U/s. 80IB(11A) of the Act amounting to Rs. 73,58,97,729/- on the net profits derived from J. Timmapuram Unit. AO found that the above net profit included other operating revenue such as Duty Draw Back of Rs. 10,59,37,013/- and sale of licenses of Rs. 28,16,55,312/-. AO ...