A satisfactory definition of “income”

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A satisfactory definition of “income” remains elusive, if indeed it could be regarded as achievable at all. As Hannan and Fansworth   observed:

“The word “income” is of such illusive import that it cannot be defined in precise terms which would adequately meet legislative requirements. Why its meaning is not to be found in any income tax statute is explained by the many shapes which income may assume, and the illimitable variety of circumstances in which it may be derived.” 

 

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