Income - Indian Laws - General

Term income P. Ramanatha Aiyar s Advanced Law Lexicon (3rd Ed.), Income has been defined as under : The value of any benefit or perquisite whether convertible into money or not, obtained from a company either by a director or a person who has substantial interest in the company, and any sum paid by such company in respect of any obligation, which but for such payment would have been payable by the director or other person aforesaid, occurring or arising to a person within the State from any profession, trade or calling other than agriculture. It has also been stated : INCOME signifies what comes in (per Selborne, C., Jones v. Ogle, 42 LJ Ch.336). It is as large a word as can be used to denote a person s receipts (per Jessel, M.R. Re Huggins, 51 LJ Ch.938.) income is not confined to receipts from business only and means periodical receipts from one s work, lands, investments, etc. AIR 1921 Mad 427 (SB). Ref. 124 IC 511 : 1930 MWN 29 : 31 MLW 438 AIR 1930 Mad 626 : 58 MLJ 337. If the dictionary meaning of the word income is taken to its logical conclusion, it should include those benefits, either in terms of money or otherwise, which are taken into consideration for the purpose of payment of income-tax or profession tax although some elements thereof may or may not be taxable or would have been otherwise taxable but for the exemption conferred thereupon under the statute. NATIONAL INSURANCE COMPANY LTD VERSUS INDIRA SRIVASTAVA ORS - 2007 (12) TMI 538 - SUPREME COURT