https://www.taxtmi.com/caselaws?id=177499 Unexplained omissions and concealments in money-lending books justified rejection of the accounts as unsafe for computing income, and the Department was upheld on that point. Interest from the Babulal transaction was treated as accruing only when the sale deed was executed, because possession under part performance did not itself transfer title under section 53A of the Transfer of Property Act, 1882; the amount was therefore brought to tax in that year. The payment of interest to a former partner was treated as interest on capital invested, not on borrowed capital, and was disallowed as business expenditure. The questions were answered in favour of the revenue. en-us Wed, 02 Oct 1940 00:00:00 +0530 Mon, 11 Jan 2016 15:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177499 Unexplained omissions and concealments in money-lending books justified rejection of the accounts as unsafe for computing income, and the Department was upheld on that point. Interest from the Babulal transaction was treated as accruing only when the sale deed was executed, because possession under part performance did not itself transfer title under section 53A of the Transfer of Property Act, 1882; the amount was therefore brought to tax in that year. The payment of interest to a former partner was treated as interest on capital invested, not on borrowed capital, and was disallowed as business expenditure. The questions were answered in favour of the revenue. Case-Laws Income Tax Wed, 02 Oct 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177499