Unnatural expansion of definition of "income" seems beyond power conferred to tax income under the Constitution of India. A new chapter of REAL TAX TERRORRSIM by NAMO Sarkar to counteract judicial pronouncement to include capital receipts in meaning of income.

Unnatural expansion of definition of "income" seems beyond power conferred to tax income under the Constitution of India. A new chapter of REAL TAX TERRORRSIM by NAMO Sarkar to counteract judicial pronouncement to include capital receipts in meaning of income. https://www.taxtmi.com/article/detailed?id=6289 The Finance Act, 2015 added clause (xviii) to the statutory definition of income, treating subsidies, grants, cash incentives, duty drawback, waivers, concessions or reimbursements provided by government or government authorities, in cash or in kind, as income except where already excluded by being taken into account in determining the actual cost of an asset under Explanation 10 to clause (1) of section 43, thereby converting many capital or non revenue receipts into taxable income and raising constitutional and policy objections. en-us Mon, 01 Jun 2015 16:41:46 +0530 Mon, 01 Jun 2015 16:41:46 +0530 TaxTMI RSS Generator Unnatural expansion of definition of "income" seems beyond power conferred to tax income under the Constitution of India. A new chapter of REAL TAX TERRORRSIM by NAMO Sarkar to counteract judicial pronouncement to include capital receipts in meaning of income. https://www.taxtmi.com/article/detailed?id=6289 The Finance Act, 2015 added clause (xviii) to the statutory definition of income, treating subsidies, grants, cash incentives, duty drawback, waivers, concessions or reimbursements provided by government or government authorities, in cash or in kind, as income except where already excluded by being taken into account in determining the actual cost of an asset under Explanation 10 to clause (1) of section 43, thereby converting many capital or non revenue receipts into taxable income and raising constitutional and policy objections. Articles Income Tax Mon, 01 Jun 2015 16:41:46 +0530 https://www.taxtmi.com/article/detailed?id=6289