“Section 2(47)(v)(vi)”
The decision most relied on for Section 2(47)(v)(vi) is Nirmala L. Mehta v. A. Balasubramaniam, CIT (269 ITR 1), cited in 108 judgments on BharatTax.
Leading authorities on Section 2(47)(v)(vi)
There can be no estoppel against the statute, meaning tax cannot be levied or collected without express authority of law. An appellate authority may adjudicate additional claims or legal contentions to ensure the correct tax liability is determined.
The burden is on the revenue to establish that a receipt is of a revenue nature. Once a receipt is found to be of revenue character, the onus shifts to the assessee to prove it falls under an exemption.
Purchase of shares with the intention of selling them at a profit constitutes an adventure in the nature of trade. Such an adventure, if it results in an advantage of income nature, can be brought to tax under profits and gains from business or profession.
