S.P. Bharucha, J.
1. paper-books dispensed with.
2. The questions to be considered at the instance of the assessee read thus :
'1. Whether, on the facts and in the circumstances of the case, the sum of Rs. 12,10,279 realised on the sale of 'import entitlements' was exempt under section 10(3) of the Income-tax Act, 1961, or was a non-taxable, capital receipt and
2. Whether, on the facts and in the circumstances of the case, the aforesaid sum was eligible for rebate under section 2(4)(a)(i) and (ii) of the Finance (No. 2) Act, of 1967 ?'
3. Counsel are agreed that both the questions must be answered in the negative and in favour of the Revenue, in view of the judgment of this court in Metal Rolling works Pvt., Ltd. v. CIT : [1983]142ITR170(Bom) .
4. The questions are so answered.
5. No order as to costs.