https://www.taxtmi.com/caselaws?id=39475 Voluntary receipts may still be taxable as income where they are referable to professional services or business activity, even without a prior enforceable contract or express stipulation for remuneration. A payment received by an architect for bringing about a sale was treated as arising from the exercise of his profession and therefore outside the casual and non-recurring receipt exemption. A separate receipt by two assessees from a property transaction was treated as business income because their participation showed a business venture in real estate, including procurement of the purchaser and facilitation of the sale. In both cases, the receipts were held taxable and not exempt under section 4(3)(vii) of the Indian Income-tax Act, 1922. en-us Thu, 19 Jul 1973 00:00:00 +0530 Fri, 16 Apr 2010 16:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39475 Voluntary receipts may still be taxable as income where they are referable to professional services or business activity, even without a prior enforceable contract or express stipulation for remuneration. A payment received by an architect for bringing about a sale was treated as arising from the exercise of his profession and therefore outside the casual and non-recurring receipt exemption. A separate receipt by two assessees from a property transaction was treated as business income because their participation showed a business venture in real estate, including procurement of the purchaser and facilitation of the sale. In both cases, the receipts were held taxable and not exempt under section 4(3)(vii) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 19 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39475