Question
Is the following statement true or false?The judicial notion of income is income according to the ordinary concepts and usages of mankind.In Scott v C
Is the following statement true or false?The judicial notion of income is income according to the ordinary concepts and usages of mankind.In Scott v C of T (NSW), Jordan CJ stated: "The word 'income' is not a term of art, and what forms of receipts are comprehended within it, and what principles are to be applied to ascertain how much of those receipts ought to be treated as income, must be determined in accordance with the ordinary concepts and usages of mankind, except in so far as the statute states or indicates an intention [to the contrary] ...".Importantly, the courts have emphasised that the ordinary concepts and usages of mankind are not fixed, but change over time to reflect changes in society itself: FC of T v Whitfords Beach Pty Ltd and FC of T v Myer Emporium Ltd.(a) TRUE (b) FALSE
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