Understanding the Definition of Income in Income Tax

2023 0 Supreme(Del) 2736

Since the income accrues to the APMCs from pursuing these activities, the Income Tax Act, also perceives a wider meaning by referring to the DAPM. xxx xxx xxx 25. ... This definition, if broken down, would entail the following: (i) It concerns "any income" of the Agricultural Produce Market Committee or Board. ... The short point, even according to Mr Zoheb Hossain, who appears on behalf of the appellant/....

The Commissioner Of Income Tax ! ... See definition of " proprietor " in section 71 of the Rubber Control Ordinance; also sections 14, 17, 23, 26, 30, 33, 36, 37, &c. On the question whether a particular receipt is capital or income, the meaning of " income " is dealt with in sections 2, 5 and 6 of Income Tax Ordinance. ... Income Tax#HL_END....

2024 Supreme(US)(scotus) 15046

Upon termi- nation of the lease, the landlord regained possession of the —————— 2 Although Ivan Allen Co. involved the interpretation of a tax statute, our analysis sheds light on the Constitution’s definition of income be- cause we have long interpreted “gross income” in the Internal Revenue Code ... ____ (2024) 15 BARRETT, J., concurring in judgment Thus, in matters of corporat....

In the English Income Tax Act the word is used in both senses. ... Commissioner Of Income Tax V. Rodger 1933 Present: Drieberg J. and Barber A. J. COMMISSIONER OF INCOME TAX v. RODGER. D. C. (Inty.) Colombo No. 105/1933 Special. ... A person is not taxed on the income of the preceding year as such but on his income for the year of asses....

2023 Supreme(SRI)(CA) 214

nature for the purpose of the Income Tax Acts. ... Commissioner for Income Tax, Trinidad and Tobago, 1965 and Rodrigo vs. Commissioner of Income Tax [2002] attempted to read the countervailing sections “together”. ... Commissioner of Income Tax, Trinidad and Tobago, 02nd November 1965] as being applicable in the recent cases of Tax 1/....

2023 0 Supreme(Guj) 424

Though the claimants have filed income tax returns for two assessment years 2005-06 and 2006-07, as per the income tax returns for the year 2006-07, the income of the assessee was Rs.2,02,911/-. ... The income tax return is a statutory document on which reliance may be placed to determine the annual income of the deceased. ... …We are in agreement with....

2023 0 Supreme(Cal) 53

income tax return for the year 2006-07 i.e. ... After making deductions towards income-tax, professional tax and income from house property, the High Court calculated the net income of deceased at Rs.1,17,831/- per annum. ... Though the claimants have filed income tax returns for two assessment years 2005-06 and 2006-07, as per the #H....

2023 0 Supreme(Ker) 8

Income Tax Act, 1961 (the Act). ... The learned counsel pointed out that, in view of the aforesaid order, the income of the 2nd petitioner has to be clubbed with the income of the 1st petitioner (mother of the 2nd petitioner) as per Section 64(1A) of the Income Tax Act and that the 1st petitioner is made liable to pay tax for the interest ... It is submitted that in the....

2025 Supreme(Online)(Cal) 4904

-Vs- National Insurance Company Limited and Ors.) submits that this Hon’ble Court has held that if Income, Tax Officer is not called upon to prove the authenticity of Income Tax return, copy of the Income Tax return filed by the party cannot be relied upon.", 22. ... Learned Lawyer for the claimants argues that as the Income Tax Return is a public docu....

C. 27-Case stated under Section 74 of the Income Tax Ordinance (Cap. 188) Income tax-Death of person carrying on a business-Computation of statutory income -" Ceases to carry on a business "-Income Tax Ordinance (Cap. 1SS), s.s. 5 (1), 11 (1), 11 (6), 11 (.9), 11 (10). ... Commissioner Of Income Tax V. Peiris 1956 Present....

2019 0 Supreme(Mad) 357

There is a clear- cut distinction between deductions made for ascertaining the profits and distributions made out of profits. So, to arrive at the taxable income of the assessee from the business under section 10(I) of the Act, the said amounts have to be deducted from its total income. The real profit can be ascertained only by making the permissible deductions. Income-tax is a tax on the real income, i.e., the profits arrived at on commercial principles subject to the provisions of....

2018 0 Supreme(Kar) 341

Income-tax is a tax on the real income, i.e., the profits arrived at on commercial principles subject to the provisions of the Income-tax Act. The real profit can be ascertained only by making the permissible deductions. So, to arrive at the taxable income of the assessee from the business under section 10(I) of the Act, the said amounts have to be deducted from its total income. There is a clearcut distinction between deductions made for ascertaining the profits and distribu....

2017 0 Supreme(SC) 1040

In the Income-tax Act, 1961 agricultural income has now been defined in Section 2(1A). The words agricultural income as used in the legislative entries, thus, has to be given the meaning as contained in Income-tax Act, 1961. The definition of agricultural income was contained in Income-tax Act, 1922.

2009 0 Supreme(Mad) 3080

The meaning of the term “income” has not been exhaustively stated in the Income-tax Act. Section 10 of the Act enumerates incomes which are not to be included in the computation of the total income of the assessee. The definition of “income” in section 2(24) of the Income-tax Act is an inclusive definition.

1996 0 Supreme(SC) 350

Income tax is a tax on income and not on expenditure or purchase. Levy under Section 44AC is one on "purchase" and no income accrues or is received at that stage. Moreover, tax is levied on hypothetical income and not on real income. The Section proceeds on the assumption that persons in particular trade are evaders or do not keep accounts.