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of <h1>Income from money-lending business is business income. Tribunal allows deduction as business loss. Section 256(2) ruling favors assessee.</h1> <h3>Commissioner Of Income-Tax Versus A. LRM Ramanathan Chettiar (Deceased) And Others</h3> Commissioner Of Income-Tax Versus A. LRM Ramanathan Chettiar (Deceased) And Others - [1996] 218 ITR 161 The High Court of Madras held that income from money-lending business is considered as business income. The Tribunal's decision to allow deduction of Rs. 56,250 as business loss for the assessee was upheld based on a previous court decision. The question referred under section 256(2) of the Income-tax Act, 1961 was answered in favor of the assessee. (Case citation: 1995 (6) TMI 6 - MADRAS High Court)
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