Gross earnings defined to include broad business receipts and benefits while expressly excluding dividends, certain interest and property income. Gross earnings from business comprise the aggregate of receipts and accruals connected with the business, including monetary receipts, benefits or perquisites, closing inventory value, and amounts after discontinuance. The provision specifies illustrative inclusions such as compensation for termination or management changes, consideration under non capital agreements, subsidies and grants not for capital assets, remissions or refunds of taxes (other than under the Code), recoveries of previously allowed bad debts, proceeds on disposal of business capital assets, and interest received by financial institutions, while excluding dividends, certain interest, house property income and income from transfer of investment assets.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gross earnings defined to include broad business receipts and benefits while expressly excluding dividends, certain interest and property income.
Gross earnings from business comprise the aggregate of receipts and accruals connected with the business, including monetary receipts, benefits or perquisites, closing inventory value, and amounts after discontinuance. The provision specifies illustrative inclusions such as compensation for termination or management changes, consideration under non capital agreements, subsidies and grants not for capital assets, remissions or refunds of taxes (other than under the Code), recoveries of previously allowed bad debts, proceeds on disposal of business capital assets, and interest received by financial institutions, while excluding dividends, certain interest, house property income and income from transfer of investment assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
