https://www.taxtmi.com/caselaws?id=272518 Allotment of fully paid-up shares made voluntarily, without any prior agreement or legal entitlement, was treated as a casual and non-recurring receipt rather than income. The court applied the ordinary meaning of income as a periodic return from a definite source and found that the assessee had no contract for remuneration, was not engaged in any business of promoting companies or dealing in shares, and received the shares only through the directors' goodwill in gratitude for services rendered. On that basis, the receipt lacked the regularity and source characteristic of taxable income and was exempt from assessment under the Act. en-us Thu, 26 Aug 1937 00:00:00 +0530 Mon, 07 May 2018 12:11:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272518 Allotment of fully paid-up shares made voluntarily, without any prior agreement or legal entitlement, was treated as a casual and non-recurring receipt rather than income. The court applied the ordinary meaning of income as a periodic return from a definite source and found that the assessee had no contract for remuneration, was not engaged in any business of promoting companies or dealing in shares, and received the shares only through the directors' goodwill in gratitude for services rendered. On that basis, the receipt lacked the regularity and source characteristic of taxable income and was exempt from assessment under the Act. Case-Laws Income Tax Thu, 26 Aug 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272518