Incoming - Law Dictionary Search Results
Home Dictionary Name: incomingIncome
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 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)]...
Income-tax
Income-tax, a tax of so much in the pound of income, under five classifications, according as derived from (A) ownership of land or houses, etc., (B) occupation of land or houses, etc., (C) dividends from stocks or shares, (D) professional or trade earnings or profits, and any profit not included in the four previous classifications, and (E) official and other salaries. The Acts on this subject, dating from the Income-tax Act, 1842 (5 & 6 Vict. c. 35), which, to a great extent, repeats the phraseology of Addington's Act of 1806, are very numerous. Voluntary Easter gifts to an incumbent are assessable to income-tax, Cooper v. Blakinston, 1909 AC 104. See Chitty's Statutes, tit. 'Property Tax.'The tax in 1842, and for many years afterwards, was 7d. in the pound; in 1855,, the year of the Crime an War, it rose to 1s. 4d., and in 1918 to 6s. The Finance Act, 1907 (7 Edw. 7, c. 13), for the first time differentiated (ss. 19 et seq.) between 'earned income' and income from other sources, and...
Such income by way of dividends
Such income by way of dividends, the words 'such income by way of dividends' in s. 80M of Income Tax Act, is referable not only to the category of income included in the gross total income but also to the quantum of the income so included. On a plain grammatical construction, it is obvious that the words 'such income by way of dividends' must have reference to the income by way of dividends mentioned earlier and that would be income by way of dividends from a domestic company which is included in the gross total income, Disributors (Baroda) Pvt. Ltd. v. Union of India, AIR 1985 SC 1585: (1986) 1 SCC 43: (1985) Supp 1 SCR 778....
gross income
gross income : all income derived from any source except for items specifically excluded by law NOTE: Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (2) gross income derived from business; (3) gains derived from dealings in property; (4) interest; (5) rents; (6) royalties; (7) dividends; (8) alimony and separate maintenance payments; (9) annuities; (10) income from life insurance and contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust. ...
Gross total income
Gross total income, in view of s. 47(viii), the com-pensation which become payable to the appellant as a result of the acquisition of its agricultural land in 1962, was totally exempt from s. 45. Con-sequently, it did not amount to 'income' within the scope of section 2(24)(vi) as there was no capital gain within the meaning of s. 45. It was also not to be included while computing the total income of the appellant as defined in s. 2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the 'gross total income' within the meaning of section 109(iv) of the Act, Income Tax Act, 1961 ss. 2(24)(vi), 2(45), 45, 47(viii) and ss. 109(iv) & (i); Delhi Farming & Construction (P) Ltd. v. Commissioner of Income Tax Delhi, (2003) 5 SCC 36; Also Caradamom Marketing Co. (Trav.) Ltd. v. CIT, (1986) 158 ITR 621 (Ker)....
His income
His income, The words 'his income' in s. 139, sub-s. (1) of the Income Tax Act, 1961 must include every item of income which goes to make up his total income assessable under the Act. The amounts representing the shares of the spouse and minor child in the profits of the partnership firm would be part of 'his income' for the purpose of assessment to tax and would have to be shown in the return of income filed by him, Commissioner of Income Tax v. P.K. Kochammu Amma Peroke, AIR 1980 SC 2114: (1981) 1 SCC 241: (1981) 1 SCR 781. [Income-tax Act, 1961, s. 139(1)]...
In the opinion of Income Tax Officer
In the opinion of Income Tax Officer, The expression 'in the opinion of the Income-tax Officer' in the proviso to s. 13 of the Indian Income-tax Act, 1922, does not confer a mere discretionary power, in the context it imposes a statutory duty on the Income-tax Officer to examine in every case the method of accounting employed by the assessee and to see whether or not it has been regularly employed and to determine whether the income, profits and gains of the assessee could properly be deduced therefrom, CIT v. A. Krishnaswamy Mudaliar, AIR 1964 SC 1843: (1964) 7 SCR 776. (Income-tax Act, 1922, s. 13...
Known sources of income
Known sources of income, the expression 'known sources of income' must have reference to sources known to the prosecution on a thorough investigation of the case. It was not, and it could not be, contended that 'known sources of income' means sources known to the accused. Affairs of the accused are matters specially within the knowledge of the accused; within the meaning of s. 106 of the Evidence Act, C.S.D. Swami v. State, AIR 1960 SC 7: (1960) 1 SCR 461. [Prevention of Corruption Act, 1947, s. 5(3)]The expression 'known sources of incomes' means 'sources known to the prosecution'. So also, the same meaning must be given to the words 'for which the public servant cannot satisfactorily account' occurring in s. 5(1)(e), State of Maharashtra v. Wasudeo Ramchandra Kaidalwar, AIR 1981 SC 1186; (1981) 3 SCC 199: (1981) 3 SCR 675.The expression 'known sources of income' has reference to sources known to the prosecution after thorough investigation of the case. It is not, and cannot be conten...
Salami/Agricultural income
Salami/Agricultural income, 'salami' is a compulsory payment by the tenant to the landlord at the inception of the tenancy. It is really a payment by the tenant to the landlord for being allowed to tale possession of the land for cultivation under the lease. Salami is not rent and it could not be called revenue within the meaning of the word used in the definition of agricultural income under s. 2(1)(a) of the Assam Agricultural Income Tax Act, 1939 because it was a payment to the landlord by the tenant as a consideration for the transfer of a right in zamindari lands owned by the landlord. It has all the characteristics of a capital payment and is not revenue, Member for the Board of Agricultural Income Tax v. Sindhurani Chaudhurani, AIR 1957 SC 729 (733): (1957) SCR 1019. [Assam Agricultural Income-tax, 1939, s. 2(a)(i)...
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