https://www.taxtmi.com/caselaws?id=28304 Presents received on the occasion of grahapravesam were examined by their real character and surrounding circumstances, not merely by the recipient's status as a businessman or money-lender. A voluntary payment is taxable only if it arises in the course of, or as a necessary incident of, the recipient's business or profession. Because the receipts were made on a social and family occasion and were not linked to business transactions, they were treated as non-taxable gifts rather than trading receipts. en-us Wed, 10 Mar 1982 00:00:00 +0530 Sat, 20 Feb 2010 12:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28304 Presents received on the occasion of grahapravesam were examined by their real character and surrounding circumstances, not merely by the recipient's status as a businessman or money-lender. A voluntary payment is taxable only if it arises in the course of, or as a necessary incident of, the recipient's business or profession. Because the receipts were made on a social and family occasion and were not linked to business transactions, they were treated as non-taxable gifts rather than trading receipts. Case-Laws Income Tax Wed, 10 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28304