https://www.taxtmi.com/caselaws?id=460556 In motor accident compensation claims, proved income reflected in income tax returns and audit reports cannot be replaced by notional income unless there is material showing inflation or falsity. The deceased's business receipts and income from assets could not be ignored merely because the businesses or assets were later transferred to legal heirs, where the deceased had actively managed them and his managerial contribution had economic value. For rental and agricultural income, only the portion attributable to managerial skill and supervision could be excluded, while future prospects and conventional heads were to be added under settled principles. The reduction of compensation on a notional income basis was therefore unjustified, and enhanced compensation was warranted on the basis of proven income, subject to limited deduction for managerial contribution. en-us Fri, 30 Sep 2022 00:00:00 +0530 Fri, 31 Jan 2025 18:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460556 In motor accident compensation claims, proved income reflected in income tax returns and audit reports cannot be replaced by notional income unless there is material showing inflation or falsity. The deceased's business receipts and income from assets could not be ignored merely because the businesses or assets were later transferred to legal heirs, where the deceased had actively managed them and his managerial contribution had economic value. For rental and agricultural income, only the portion attributable to managerial skill and supervision could be excluded, while future prospects and conventional heads were to be added under settled principles. The reduction of compensation on a notional income basis was therefore unjustified, and enhanced compensation was warranted on the basis of proven income, subject to limited deduction for managerial contribution. Case-Laws Indian Laws Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460556