https://www.taxtmi.com/caselaws?id=290038 A benefit received by an office-holder is taxable under Schedule E only if it is remuneration for services or profits arising from the office. The majority treated the share transfers as a bounty or testimonial for past service, and held that a service condition in the deeds did not, by itself, convert a voluntary gift into taxable pay where the company was not the true source of the benefit. It also held that, if tax were otherwise payable, the receipt would arise when the shares were actually transferred, not when the covenant was executed. The appeals therefore succeeded and the assessment failed. en-us Thu, 11 Apr 1957 00:00:00 +0530 Sat, 05 Sep 2020 14:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290038 A benefit received by an office-holder is taxable under Schedule E only if it is remuneration for services or profits arising from the office. The majority treated the share transfers as a bounty or testimonial for past service, and held that a service condition in the deeds did not, by itself, convert a voluntary gift into taxable pay where the company was not the true source of the benefit. It also held that, if tax were otherwise payable, the receipt would arise when the shares were actually transferred, not when the covenant was executed. The appeals therefore succeeded and the assessment failed. Case-Laws Income Tax Thu, 11 Apr 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290038