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Answer: Gross business income is the receipt or payment received from a transaction involving the sale of trading stock or the provision of services. In determining receipts that may be considered or accounted for as gross business income, Section 12 (Section 12 provisions should also be read in conjunction with Section 3), Section 22, Section 24, Section 28 and Section 30 of the Income Tax Act 1967 (ITA 1967) in connection with the purpose and criteria of the acceptance.