233. Casual profits of a revenue nature.

Casual profits of a revenue nature falling to be charged as miscellaneous income1 are for the most part income accruing to a person by virtue of some service rendered by way of action or permission2, or arising from property3.

'Casual profit' used in this connection means a revenue profit arising to a person from an activity or transaction entered into by him of a type which is outside the scope of his ordinary vocation or trade, and which by reason of its casual, isolated or non-recurring character does not in itself amount to a trade or vocation.

Examples of profits giving