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Gross Income Definition, 3. Received by :check:, 4 Acrrued to :check:, 2.…
Gross Income Definition
- Ordinary resident :check:
Cohen Case Law: The Principle of the case is a person s an ordinary resident in the country to which he intends to return from all his wanderings. The country he regards as his home.
Kuttel Case Law: A person is ordinary resident where the person's principle residence is, where the person is habitually and normally resident.
Delegoa Bay Cigarette Co Ltd: the principle states that the legality of the receipt does not preclude it from tax.
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Lategaan Case law: the principle is that the word amount includes any form of property with ascertainable monetary value including debts and rights.
**Brummeria Case law:*: 3 principle are available. Firstly the general principle is that whether a receipt or accrual in a form other than money has a money is the primary question. Therefore, the test objective and not subjective. Secondly, The Arm's length principle* of valuation must be applied in the case, having regard to the facts and circumstances and the intention of the parties. Lastly, the specific Quid pro quo(the lender receives something in return for lending the money).
Butcher Bros case Law : the principle is that the onus is on SARS to determine the amount, if none then it is not included in the gross income.
3. Received by :check:
MP Finance Group CC: The principle is that even though the receipts are illegal, they are still received and therefore included in the gross income.
Pyott Ltd: The principle states that deposits are revenue in nature, arising from the ordinary course of trade.
Geldenhuys Case law: the principle is that an amount is received by a taxpayer only if it is received by him on his own behalf for his own benefit.
Witwatersrand Association of Racing ClubPrinciple: once income has accrued, subsequent disposal therefore is irrelevant.
4 Acrrued to :check:
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People Stores Ltd: The principle is 'accrued' to means entitled to. Included in gross income when entitled to not when you receive the money. Furthermore, the accrual equal to face value not discounted value.
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