https://www.taxtmi.com/caselaws?id=6655 Salami receipts received by an incorporated landholding company from settlement and resettlement of its own lands were not business income where the lands and tenancy rights were not dealt with as stock-in-trade. The company's objects included acquisition, cultivation and leasing of property, but those objects were not conclusive. On the facts, it let its lands to tenants, collected rent, and acquired defaulting tenants' rights only through court auction so the land could be resettled. The receipts were treated as arising from ownership and enjoyment of property, not from trading in tenancy rights, and were therefore not chargeable as business income. en-us Mon, 14 Feb 1966 00:00:00 +0530 Sat, 31 Jan 2009 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6655 Salami receipts received by an incorporated landholding company from settlement and resettlement of its own lands were not business income where the lands and tenancy rights were not dealt with as stock-in-trade. The company's objects included acquisition, cultivation and leasing of property, but those objects were not conclusive. On the facts, it let its lands to tenants, collected rent, and acquired defaulting tenants' rights only through court auction so the land could be resettled. The receipts were treated as arising from ownership and enjoyment of property, not from trading in tenancy rights, and were therefore not chargeable as business income. Case-Laws Income Tax Mon, 14 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6655