TMI BlogGross residuary incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... tribution tax has been paid under section 99; (b) interest, other than interest accrued to, or received by, permitted financial institutions; (c) income from the activity of owning and maintaining horses for runnning in horse race; (d) any amount received from his employees as contributions to any fund setup for their welfare, if the income is not included under the head "Income from business"; (e) 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"; (f) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy; (g) any amount received under a Keyman ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation about the nature and source thereof; or (ii) the person offers an explanation but fails to substantiate the explanation; or (iii) the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory; (m) 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; or (ii) the person offers an explanation but fails to substantiate the explanation; or (iii) the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory; (n) the value of any money, bullion, jewellery or other valuable article owned by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividend, bonus, capital appreciation or any other form of return on the investment, by whatever name called; (s) any amount deemed to be the income under sub-section (6) of section 71. (t) the value of the net assets, held by any person on the first day of the financial year in which the person ceases to be a non-profit organisation, determined in the prescribed manner. (u) any consideration accrued, or received, in respect of transfer of any business asset, which is self-generated, if the consideration is not included under the head 'income from business'; (v) any amount accrued, or received, on account of the cessation, termination or forfeiture of any agreement entered by the person, if the amount is not inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; or (viii) any work of art; (c) the assessee shall be deemed not to have received, or withdrawn, any amount in the financial year from any account maintained with any permitted savings intermediary, if the amount is used for,- (i) purchasing an annuity plan; or (ii) rolling over the amount from one account with the permitted savings intermediary to any other account with the same or any other permitted savings intermediary; and (d) value of any property referred to in clause (h) of sub-section (2) shall be,- (i) the stamp duty value in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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