Export entitlements (MEIS) and Duty Drawback of Promotion Scheme is Income assessable under ‘Profits or Gains from Business or Profession’: ITAT [Read Order]

Export - promotion scheme - income - profits - gains - business - profession - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench consisting of Duvvuru R L Reddy, Judicial Member, and S Balakrishnan, Accountant Member held that export entitlements (MEIS) and duty drawback of promotion scheme is income assessable under “profits or gains from business or profession. The assessee, Nekkanti Sea Foods Limited, is a limited company engaged in…

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