Business income treatment for resale profit follows where plantation assets were acquired and accounted for as part of money-lending operations.

Profit from the resale of rubber plantations acquired in liquidation of a money-lending debt was taxable as business income because the property had been taken up in the course of the assessee's money-lending business and was consistently treated in the business accounts with the related debt, expenses, and receipts. The fact that the transaction involved a single resale did not prevent it from being business profit where the surrounding facts showed that it formed part of the business operations. On those facts, the assessment of the resale profit as assessable business income was upheld.

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Issues: Whether the profit arising from the resale of rubber plantations obtained in liquidation of a money-lending debt was taxable as business profit.

Analysis: The property was acquired in the course of the petitioner's money-lending business and was dealt with along with the associated debt items in the business accounts. The expenses and income of the rubber estate were also brought into the business accounts, and the profit on resale was treated as part of the business return. On these facts, the character of the transaction depended on whether it formed part of the business as a matter of fact, and a single transaction was not, by itself, incapable of being business profit.

Conclusion: The profit was correctly treated as assessable business income, and the assessment was upheld.

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