https://www.taxtmi.com/caselaws?id=27817 Veethapalisa received by a chitty business firm was treated as taxable income because it arose from the assessee's business arrangement and formed part of the profit-making structure of the chit business. The receipt did not qualify as a casual and non-recurring receipt under section 10(3) of the Income-tax Act, 1961, since the exemption is limited to fortuitous receipts not arising from business. Read with the Travancore Chitties Act, the payment was viewed as having expected regularity and a direct business nexus, so it was assessable as a trading receipt. en-us Fri, 13 Jul 1984 00:00:00 +0530 Tue, 16 Feb 2010 12:26:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27817 Veethapalisa received by a chitty business firm was treated as taxable income because it arose from the assessee's business arrangement and formed part of the profit-making structure of the chit business. The receipt did not qualify as a casual and non-recurring receipt under section 10(3) of the Income-tax Act, 1961, since the exemption is limited to fortuitous receipts not arising from business. Read with the Travancore Chitties Act, the payment was viewed as having expected regularity and a direct business nexus, so it was assessable as a trading receipt. Case-Laws Income Tax Fri, 13 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27817