https://www.taxtmi.com/caselaws?id=191747 Copyright gifted by an author was not treated as a taxable receipt merely because it had a market value. The Court applied the general income-tax principle that tax is charged on what is actually received, not on what might have been received, and held that the trader/stock-in-trade exception on an earnings basis did not apply to an author computing profits on a cash basis. The spread-over provision for lump sums received by authors supported the view that Parliament had not intended gifted copyright to be assessed by deemed market value. The market value of the gifted copyright was therefore not chargeable to income-tax. en-us Tue, 02 May 1967 00:00:00 +0530 Mon, 17 Apr 2017 17:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191747 Copyright gifted by an author was not treated as a taxable receipt merely because it had a market value. The Court applied the general income-tax principle that tax is charged on what is actually received, not on what might have been received, and held that the trader/stock-in-trade exception on an earnings basis did not apply to an author computing profits on a cash basis. The spread-over provision for lump sums received by authors supported the view that Parliament had not intended gifted copyright to be assessed by deemed market value. The market value of the gifted copyright was therefore not chargeable to income-tax. Case-Laws Income Tax Tue, 02 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191747