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According to CA 1(2) of the income tax act, an amount is also income of a person if it is their income under ordinary concepts.
According to CA 1(2) of the income tax act, an amount is also income of a person if it is their income under ordinary concepts. To see if it is income under ordinary concepts, we apply four factors that we can get from case laws. This is because in the legislation, it hasnt explained whether someone received is income under the ordinary concepts. Hence we have to refer to the case laws. There are four factors to determine income under ordinary concepts like: rewrite
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