https://www.taxtmi.com/caselaws?id=175579 Property acquired by a money-lender in satisfaction of a debt becomes taxable as business stock only if the facts show that it was actually incorporated into the money-lending business as stock-in-trade. Mere acquisition of land in discharge of loans, or later sale at a profit, is not enough. Relevant indicators include whether the property or its income and expenditure were entered in business accounts, whether sale proceeds were used in the business, and whether the asset formed part of an integrated trading scheme. On the stated facts, the properties were held for long periods, were not reflected in business accounts, and their income was not used in the lending business, so the sale proceeds were not taxable as business income. en-us Fri, 11 Oct 1957 00:00:00 +0530 Fri, 27 Nov 2015 11:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175579 Property acquired by a money-lender in satisfaction of a debt becomes taxable as business stock only if the facts show that it was actually incorporated into the money-lending business as stock-in-trade. Mere acquisition of land in discharge of loans, or later sale at a profit, is not enough. Relevant indicators include whether the property or its income and expenditure were entered in business accounts, whether sale proceeds were used in the business, and whether the asset formed part of an integrated trading scheme. On the stated facts, the properties were held for long periods, were not reflected in business accounts, and their income was not used in the lending business, so the sale proceeds were not taxable as business income. Case-Laws Income Tax Fri, 11 Oct 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175579