https://www.taxtmi.com/caselaws?id=178341 Payment received by the taxpayer from a shipping company was characterised as a voluntary personal gift rather than revenue from a freight-brokerage business because factual findings established the brokerage source had been destroyed (ceased operations) and there was no contractual, insurance, or legal entitlement to remuneration. The note distinguishes cases where a going business was only temporarily impeded or where express contractual/insurance rights equated receipts with lost profits; consequently the payment was held not assessable as income and the taxpayer favoured on that basis. en-us Tue, 27 Nov 1962 00:00:00 +0530 Tue, 02 Feb 2016 16:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178341 Payment received by the taxpayer from a shipping company was characterised as a voluntary personal gift rather than revenue from a freight-brokerage business because factual findings established the brokerage source had been destroyed (ceased operations) and there was no contractual, insurance, or legal entitlement to remuneration. The note distinguishes cases where a going business was only temporarily impeded or where express contractual/insurance rights equated receipts with lost profits; consequently the payment was held not assessable as income and the taxpayer favoured on that basis. Case-Laws Income Tax Tue, 27 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178341