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TMI BlogGross residuary income.X X X X Extracts X X X X X X X X Extracts X X X X ..... ns; (c) interest received on compensation or on enhanced compensation; (d) income from the activity of owning and maintaining horses for the purpose of horse race; (e) any amount received from employees as contributions to any fund set up for their welfare, if the income is not included under the head "Income from business"; (f) income from machinery, plant or furniture belonging to the person and let on hire, if the income is not included under the head "Income from business"; (g) any amount received under a keyman insurance policy including the sum allocated by way of bonus on such policy, if such income is not included under the heads "Income from employment" or "Income from business"; (h) the aggregate of any moneys and the value of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offers no explanation about the nature and source thereof; (ii) the person offers an explanation but fails to substantiate the explanation; or (iii) the explanation offered by him is, in the opinion of the Assessing Officer, not satisfactory; (o) the value of any investment made by the person in the financial year to the extent for which — (i) the person offers no explanation about the nature and source of the investments; (ii) the person offers an explanation but fails to substantiate the explanation; or (iii) the explanation offered by him is, in the opinion of the Assessing Officer, not satisfactory; (p) the value of any money, bullion, jewellery or other valuable article owned by the person to the extent for which — (i) the person offe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived by, the person, if the amount is not included under the head "Income from business" and if— (i) it is by way of remission or cessation of any liability including statutory liability or in respect of any loss or expenditure; and (ii) such liability or loss or expenditure has been allowed as a deduction in any financial year; (x) any sum received as family pension; (y) any amount including bonus, if any, received or receivable under a life insurance policy from as insurer on maturity or otherwise. (3) The amount referred to in clause (h) or clause (i) of sub-section (2) shall not include any amount received— (a) from any relative; (b) on the occasion of the marriage of the individual; (c) under a will or by way of inheritance; (d) in c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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