Effect of withdrawal of tax exemption in respect of receipts of casual and non-recurring nature on liability to tax in respect of gifts

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..... r No. 158 Dated 27/12/1974 SECTIONS 10, 11, 12, 12A AND 13 Incomes which do not form part of total income SECTION 10(3)- RECEIPT OF CASUAL AND NON-RECURRING NATURE [CORRESPONDING TO SECTION 4(3)(v .....

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..... e form of gifts liable to income-tax. 2. Receipts which are of a casual and non-recurring nature will be liable to income-tax only if they can properly be characterised as "income" either in its gene .....

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