Held The allowance given to the assessee at the rate of Rs. 140 per day for pocket money cannot also be regarded as reimbursement of expenses incurred in the performance of duties by the appellant.In view of these newly inserted provisions of section 2(24)(iiia ) and (iiib) and in view of the above referred Explanation… Read More »
Case Laws on Income – section 2(24) of Income Tax Act S. 2(24) : Income – Capital or revenue-Receipt representing compensation for loss of source of income would be treated as capital receipt. Assessee was a journalist by profession and was appointed as the foreign correspondent in India of a German news magazine. German publisher… Read More »
Finance Bill 2016 Levy of tax where the charitable institution ceases to exist or converts into a non-charitable organization The existing provisions of section 2(24) of the Act define “Income” in an inclusive manner. Any voluntary contribution received by a charitable trust or institution or a fund is included in the definition of income. Sections 11… Read More »