Are all Incoming Receipts Taxable as Income? Delhi High Court Clarifies the Law in India Today's Case

Abstract

It will be fallacious to assume that every incoming receipt is taxable as income. Income tax law nodoubt taxes income. But what is income is something to be gathered from the definition clause and from the volume of case law built on the subject. It is a study of the development of the case law on the subject that makes the statute fascinating. One should expect the law to define precisely what income is. Amendments after amendments have been made to bringing all sorts of receipts into the definition clause. But still, Courts have come to help harassed taxpayers with relief.