https://www.taxtmi.com/caselaws?id=71715 Interest earned from loans advanced under an ancillary money-lending and finance object is assessable as business income where lending is carried on systematically. Although the company's principal land-development activity had become impossible under the Urban Land Ceiling Act, advances to several parties on different dates constituted a money-lending business rather than mere investment activity. The interest receipts were therefore taxable under profits and gains of business, not income from other sources. Expenditure connected with that lending activity was deductible as business expenditure because it related to income assessed as business income. en-us Wed, 27 Sep 1978 00:00:00 +0530 Tue, 26 Apr 2011 17:17:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71715 Interest earned from loans advanced under an ancillary money-lending and finance object is assessable as business income where lending is carried on systematically. Although the company's principal land-development activity had become impossible under the Urban Land Ceiling Act, advances to several parties on different dates constituted a money-lending business rather than mere investment activity. The interest receipts were therefore taxable under profits and gains of business, not income from other sources. Expenditure connected with that lending activity was deductible as business expenditure because it related to income assessed as business income. Case-Laws Income Tax Wed, 27 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71715