Wine farmer sold and delivered some wine in a particular YoA. Part of proce was paid in that year and balance was payable in instalments after the end of that year. The taxpayer argued that the amount of the debt payable in a futre year of assessment had not accrued to him the current year.
The court held that an amount need not be in cash. It is inclusive of corporeal/incorporeal property earned by taxpayer which has an ascertainable money value. An amount must be recognised as income for tac purposes when it becomes unconditionally and uncontinguently due to a taxpayer. The amount actually recieved in that year had to be included in the taxpayer's income. However, a 'right' to receive a sum of money in the future is also an amount for tax purposes. Therefore, entire amount had to be included

Taxpayer and husband were marries ICOP and executed a mitual will undrr which the survivor was to enjoy the fruits income of the joint estatefor his/her lifetime. The chikdren were appointed as sole and universal heirs to the estate. Included in the joint estate was a flock of sheep. Husband died, the Taxpayer decided to give up farming and get children agreed to the sale of the flock. She deposited the proceeds into her bank account. Could she be taxed on this?
The court held that the whole of the proceeds realised belonged to the heirs and did not form portion of her incone and position. One has to recieve an amount on own behalf and for one's own benefit.

Taxpayer operated a pyramid scheme. The appellant contended that because the scheme was liable in law immediately to refund the deposits, there was no basis on which it could be said that the deposits were 'recieved'.
The court held, an illegal contract is not without all legal consequences and it can have fiscal consequences. Amounts paid to the scheme were accepted with the intention of retaining them for their own benefit. It does not matter that it was repayable immediately, it was recieved.

Pyottt was a biscuit manufacturer. It charged a deposit for the tin container in which it sold its biscuits which was refundable on the return of the tin. Commissioner refused to all the deposits to ve excluded in determining taxable income of the company.
The court held that the full amount recieved for the containers had to be included in the gross income. No guarantee customers would return containers. The court said that a separate trust account could be set up for deposits on the tins recieved to avoid the deposits being taxed.

Taxpayer offered cash and credit sales. Bulk of credit sales were under a credit scheme whereby amounts charged to customers account were payable in sox equal monthly instalments. It claimed that instalments not yet payable at the end of the year of assessment should not be included in gross omcome or, if included, should be discounted to their present value before inclusion.
The court held, income includes more than just money. It may be every form of property earned by the taxpayer, whether corporeal or incorporeal, which has a money value including debts and right of action.

A right conditional upon the fulfilment of certain conditions cannot be regarded as an 'amount' for purposes of the definition of 'gross income'. Even though such a right possesses a money value at the time it is acquired. The benefit accrues only when all the conditions attaching to the right are fulfilled.

Taxpayer organise a race meeting, the proceeds of which were to be divided between two non-profit charities. The commissioner included the oroceeds in the taxpayers gross income.
Court held, once an income gas veen recieved by a person it forms par of his gross incomeand the subsequent disposal by that person does not affect its nature as income in his hands. The fact that the association did not have a separate bank account for the amount meant it was recieved by it in its own benefit. (only had a mere moral obligation to distribute proceeds, not bound to do it)

Defined in S1 of ITA as any year or period in respect of which any tax or duty leviable under the Act is chargeable.
Natural:1 March-28 Fed
Corporate: Financial year
Government: 1 April-31 March

Gross income excludes receipts of income of a capital nature. Capital is taxed at a lower amount than revenue. Therefore, one needs to distinguish between capital and revenue.