Taxing a income even if it does not fall under any of the heads enumerated in s.14 of the income tax
Aman
(Querist) 01 October 2013
This query is : Resolved
I wish to enquire that whether income can be deemed taxable even if it can not be brought under any of the heads as enumerated in s.14 of the Act? and has there been an apex court judgment on the same point?
Thanks.
Anirudh
(Expert) 01 October 2013
Please indicate the type of income that you are talking about which does not fall under any of the heads under Sec. 14 of the I.T. Act. Only after examining the exact nature of the income, one will be in a position to provide answer to your query.
Guest
(Expert) 01 October 2013
A student's vague query, when he is unable to interpret a very simple word, "other sources"? What the term "income from other sources" denotes in your opinion if the income does not fall under the four main heads of income?
Aman
(Querist) 01 October 2013
My query pertained to ascertain the validity of the reply which the revenue has filed in relation to the 'shell india' and 'vodafone' cases, in which the revenue has sought to include even subscription of shares in the ambit of chargeable income.
I do acknowledge the fact that the head 'income form other sources' is indeed a residuary head of income, and anything in the nature of income can be deemed to fall under this head, if the same falls outside the domain of the first four heads. But, then the revenue has come up with the argument that due to the wording of s. 14 with 'save as otherwise provided in the act', a 'notional income' can be deemed a chargeable income even if the same can not be classified under any of the heads enumerated in s. 14 of the Act.
So my doubt is if the residuary head of charging a income exists, why to come up with an argument that TP Provisions create a separate head of income?
Aman
(Querist) 01 October 2013
Since this website includes a host of various reputed lawyers, I thought the same to be a platform to discuss the above 'academic query'.
R.K Nanda
(Expert) 03 March 2014
academic query.
