Revenue receipts are recurring incomes like salary and business profit, distinct from isolated capital receipts such as sale of assets. Revenue receipt denotes recurring receipts arising in the ordinary course, such as salary, business profits and interest, whereas capital receipt denotes isolated non-recurring receipts from transactions affecting capital resources, for example sale of a residential building or personal jewellery; the key tax classification turns on recurrence and relation to ordinary earnings versus capital transactions.
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Provisions expressly mentioned in the judgment/order text.
Revenue receipts are recurring incomes like salary and business profit, distinct from isolated capital receipts such as sale of assets.
Revenue receipt denotes recurring receipts arising in the ordinary course, such as salary, business profits and interest, whereas capital receipt denotes isolated non-recurring receipts from transactions affecting capital resources, for example sale of a residential building or personal jewellery; the key tax classification turns on recurrence and relation to ordinary earnings versus capital transactions.
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