Income definition expanded to include specified receipts, perquisites, capital gains and most government assistance with limited exceptions. The statutory definition of income enumerates receipts and benefits included as income: profits and gains, dividends, capital gains, winnings, perquisites and profits in lieu of salary, voluntary contributions to specified charitable/educational/hospital/electoral entities, corporate payments for directors or substantial interest-holders, Keyman insurance proceeds, recoveries of previously allowed deductions, receipts from insurance and cooperative banking businesses, fair market value of inventory converted to capital assets, and government assistance except where expressly excluded for asset cost determination or central government corpus grants.
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.
Income definition expanded to include specified receipts, perquisites, capital gains and most government assistance with limited exceptions.
The statutory definition of income enumerates receipts and benefits included as income: profits and gains, dividends, capital gains, winnings, perquisites and profits in lieu of salary, voluntary contributions to specified charitable/educational/hospital/electoral entities, corporate payments for directors or substantial interest-holders, Keyman insurance proceeds, recoveries of previously allowed deductions, receipts from insurance and cooperative banking businesses, fair market value of inventory converted to capital assets, and government assistance except where expressly excluded for asset cost determination or central government corpus grants.
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