https://www.taxtmi.com/caselaws?id=283894 A voluntary allotment of fully paid-up shares made without any prior agreement or enforceable contract was treated as a windfall, not income assessable under the Income-tax Act, 1922, because it was not a periodical return from a definite source and did not arise from business, trade, profession, vocation, or employment. Even if treated as income, the receipt was casual and non-recurring, with no contractual character or expectation of repetition, so it fell within the exemption under section 4(3)(vii). The share allotment was therefore not taxable and was treated as exempt from assessment. en-us Sun, 22 Aug 1937 00:00:00 +0530 Sat, 19 Oct 2019 18:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283894 A voluntary allotment of fully paid-up shares made without any prior agreement or enforceable contract was treated as a windfall, not income assessable under the Income-tax Act, 1922, because it was not a periodical return from a definite source and did not arise from business, trade, profession, vocation, or employment. Even if treated as income, the receipt was casual and non-recurring, with no contractual character or expectation of repetition, so it fell within the exemption under section 4(3)(vii). The share allotment was therefore not taxable and was treated as exempt from assessment. Case-Laws Income Tax Sun, 22 Aug 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283894