Import license

This query is : Resolved

rahul (Querist)
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08 January 2013 where is the sale proceeds of import license taxable ?
it's profit is taxable in PGBP head but it's sale proceeds are taxable where?

srinivasan

srinivasan (Expert)
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09 January 2013 Though the import licese is traded, it is given for the exporters to import under the concessional rate ot duty. Therefore it is part of the business income as defined u/s 28. Both the profit element as well as the consideration will be taxable as business profit.

rahul

rahul (Querist)
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10 January 2013 so wont it be taxing d profit element twice..i.,e double taxation ?

i think it will be calculted as follows :
sale consideration
(-)cost
= profit
&this profit will be taxable ..
is it so ?

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