Page 692 - SAIT Compendium 2016 Volume2
P. 692
IN 80 Income Tax acT: InTeRPReTaTIon noTes IN 80
necessary incident of the taxpayer’s trade. Any amounts allowed as a deduction which are recovered or recouped must be included in the taxpayer’s income.
A person who derives funds illegally, whether by embezzlement, fraud or theft, is regarded as having ‘received’ those funds for the purposes of the de nition of ‘gross income’ in section 1(1) and will be subject to income tax on those funds. No deduction will, however, be permitted for the repayment of those funds.
684 saIT comPendIum oF Tax LegIsLaTIon VoLume 2
