https://www.taxtmi.com/caselaws?id=8887 Grant-in-aid received before the company commenced trading was not taxable as business income because profits and gains of business can arise only when business is already being carried on. The receipt was found to be part of the initial setting-up stage, non-recurring in character, and not derived from trading operations. It therefore did not constitute a trading receipt or a receipt arising from business, and it also fell within the category of casual and non-recurring receipts excluded from tax as business income. On that basis, the grant-in-aid was not chargeable to income-tax. en-us Tue, 12 Dec 1972 00:00:00 +0530 Tue, 16 Jun 2009 19:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8887 Grant-in-aid received before the company commenced trading was not taxable as business income because profits and gains of business can arise only when business is already being carried on. The receipt was found to be part of the initial setting-up stage, non-recurring in character, and not derived from trading operations. It therefore did not constitute a trading receipt or a receipt arising from business, and it also fell within the category of casual and non-recurring receipts excluded from tax as business income. On that basis, the grant-in-aid was not chargeable to income-tax. Case-Laws Income Tax Tue, 12 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8887