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Taxation Principles Cheat Sheet Sem 1 & 2: Conceptual framework income tax and Heads of chargeTypes of ReceiptCapital receipts. Receipts from disposal of Profit-making apparatus (PMA) aka (Tree). ➔ NOT TAXABLE, since receipt is CAPITAL IN NATURE. PMA = asset retained and used in the income generation process as means to produce IncomeIncome / Revenue receipts. Income from.