In CIT, Bengal v Shaw Wallace & Co (1932) the definition of income is as follows: ..income connotes a periodical monetary retum coming in with some sort of regularity, expected regularity, from defined sources." Corporate income is an income that is derived from its ordinary running of business. It is not a gain from disposal of capital or the increase in value of investment but a gain that will increase profit Required: (a) Explain FOUR (4) types of gross income from business. (12 marks) Discuss FOUR (4) capital gain according to Income Tax Act 1967. (12 marks)