Case Law Details
Case Name : CIT Vs K. Thangamani (Madras High Court)
Related Assessment Year :
Courts :
All High Courts Madras High Court
RELEVANT PARAGRAPHS:
22. The primary function of the Income Tax Act is to bring the income of various kinds into the tax net. The Income Tax authorities are not concerned about the manner or means of acquiring income. The income might have been earned illegally or by resorting to unlawful means. Illegality tainted with the earning has no bearing on its taxability. Income generated by engaging in liquor trade, generally called as res extra commercium, otherwise known as trade in crime, or income earned by way of selling Khadhi products, are one and the same for the tax authorities. The assessee...
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Well, isn’t this convenient!
One arm of the Govt taxes the underlying transaction amount and collects money; the other arm of the Govt calls it illegal transaction and fines the concerned entity. Isn’t that double benefit?
By this logic, Govt should tax hafta/bribes/…