PART C $(5$ marks, $9$ minutes$)$Majestic Hotels Group $($Majestic$),$ a prominent hotel chain in South Africa, faced an unusualsituation in the $2024$ tax year. Due to the upcoming elections in South Africa, various dignitarieswere invited to a conference hosted in Johannesburg to resolve the national energy crisis. The hotelexperienced a surge in their bookings for the month of January $2024.$ To manage this high demand,Majestic implemented a non$-$refundable booking deposit policy.The United States delegates had initially booked $50$ rooms for the conference, paid a deposit ofR$200000,$ but cancelled the booking two months later. According to the policy, Majestic retained thedeposit paid. This deposit was initially intended to secure the booking and cover potential lossespertaining to cancellations. The hotel did not incur any specific expenses in respect of this bookingcancellation as it was able to reallocate the rooms to other guests due to the high demand.Majestic Hotels Group is considering whether the R$200000$ deposit should be included in its grossincome for the year of assessment ended on $31$ March $2024.$REQUIRED: MarksDetermine whether Majestic Group should include the deposit in its taxable incomecalculation for the year ended $31$ March $2024.$ You are required to do this bydiscussing and applying the principles of the Gross income definition as providedin section $1$ of the Income Tax Act.Reference to at least one applicable case law and related principle is required.