AIR 1999 SUPREME COURT 2276 ::1999 AIR SCW 2333 ::1999 TAX. L. R. 748 ::1999 (2) ADSC 394 ::(1999) 152 CurTaxRep 526 ::1999 (3) SCC 304 ::(1999) 2 Scale 8 ::1999 (237) ITR 6 ::(1999) 103 Taxman 386 ::1999 (2) LRI 108 ::1999 (3) Supreme 10 ::1999 (149) Taxation 510 ::1999 (4) SRJ 172 ::(1999) 2 JT 126 (SC)

Supreme Court Of India

(From : 1992 Tax LR 552 (Madras))

Hon'ble Judge(s): S. P. Bharucha, S. S. M. Quadri, R. C. Lahoti , JJJ

Additional Income-tax - Exemption from levy of - Consideration received by an assessee for assignment of import licences - Does not constitute sale proceeds derived from@page-SC2277export within meaning of exemption notification dated 8-8-69 - Assessee not exempt from operation of S. 104. Income-Tax Act (43 of 1961) , S.104— Notification S.O.No. 3210, D/- 8-8-1969. The notification S.O. No. 3210, Dt. 8-8-1969 exempts every Indian company from the operation of S. 104 in respect of the previous year relevant to the assessment year commencing on 1st April, 1970 and in subsequent years, "Provided that such Indian company in the course of its business exports any goods or merchandise out of India and the sale proceeds of the exports in received in or brought into India by the Company or on its behalf in accordance with the Foreign Exchange Regulation Act, 1947 and any rules and orders made thereunder; provided further that the sale proceeds derived by the company from the exports during the previous years amount, in the aggregate, to 50% or more of the aggregate amount of the sale proceeds and all other gross receipts of the business during the previous year credited to the profit and loss account of the Company". For the purposes of determining whether the sale proceeds derived by an assessee from exports amount to 50% or more of its aggregate gross income what ....