https://www.taxtmi.com/caselaws?id=38279 Preference shares allotted under a prior arrangement for services in promoting and forming a company were treated as remuneration, not a personal gift or exempt casual receipt. The court reasoned that a receipt may be income even if described as a reward or gift when, in substance, it is given in consideration of work done. Because the allotment was bargained for as part of the promoter's and managing director's services, its value was taxable as income and the Tribunal's view that it was a gift was rejected. en-us Tue, 17 Jan 1978 00:00:00 +0530 Mon, 05 Apr 2010 12:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38279 Preference shares allotted under a prior arrangement for services in promoting and forming a company were treated as remuneration, not a personal gift or exempt casual receipt. The court reasoned that a receipt may be income even if described as a reward or gift when, in substance, it is given in consideration of work done. Because the allotment was bargained for as part of the promoter's and managing director's services, its value was taxable as income and the Tribunal's view that it was a gift was rejected. Case-Laws Income Tax Tue, 17 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38279