I Dictionary
Income
Income, s. 4 of the Income-tax Act, defines the 'total income' to include all income, profits and gains from whatever source deprived. The definition of 'income' in Shaw Wallace & Co. case, 1932 (59) IA 206, as a periodical monetary return coming in with some sort of regularity, or expected regularity, from definite sources must be read with reference to the peculiar facts of that case. Money received 'under consequential loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177.Income connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313.The expression 'income' in entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935, and the corresponding entry 82 of List 1 of the Seventh Schedule to the Const...
Income and deemed income
Income and deemed income, the expression 'income' as used in s. 69A of the Act, has wide meaning which meant anything which came in or resulted in gain, Chuharmal Takarmal Mohnani v. CIT, AIR 1988 SC 1384: (1988) 3 SCC 588: (1988) 3 SCR 788....
Income approach
Income approach, means a method of appraising real property based on capitalisation of the income that the property is expected to generate, Black's Law Dictionary, 7th Edn., p. 768...
Income arising out of business of export
Income arising out of business of export, bring within its sweep not only export of any goods or merchandise manufactured or possessed by assessee but also of trading goods, P.R. Prabhakar v. Commissioner of Income Tax, 2006 (6) SCC 86: 2006 (7) SCALE 191: 2006 (6) Supreme 99: 2006 (6) SLT 72: 2006 (9) SCJD 298: 2006 (284) ITR 548. (Income Tax Act, 1961, s. 80HHC)...
Income as returned
Income as returned, the words 'income as returned' means income as disclosed or shown in the return filed under s. 22, Mansukhlal v. CIT, AIR 1966 SC 835 (839). [Income-tax Act, 1922, s. 28(1) (c)]...
Income assessed in a foreign country
Income assessed in a foreign country, the ex-pression 'income assessed in the foreign country' would clearly, in the context in which it is used, mean subjected to tax in the foreign country, C.I.T. v. Clive Insurance Co. Ltd., AIR 1978 SC 1290: (1978) 3 SCC 161: (1978) 3 SCR 844...
income beneficiary
income beneficiary see beneficiary ...
income bond
income bond see bond ...
Income in respect of a decedent
Income in respect of a decedent, means income earned by a person, but not collected before death. This income is included in the decedent's gross estate for estate-tax purposes. For income-tax pur-poses, if is taxed to the estate, or, if the estate does not collect the income, it is taxed to the eventual recipient, Black's Law Dictionary, 7th Edn., p. 767....
Income or net income
Income or net income, Income is money or other benefit periodically received. It is profit or revenue and not capital. It is gain derived from capital or labour or both. Net income is income obtained after deducting all expenses incurred for the purpose of earning the income. It is income minus operating expenses, D.C.M. v. S. Paramjit Singh, AIR 1990 SC 2286 (2288). [J&K Houses and Shops Rent Control Act, 1966, s. 1(3)(iii)]...