https://www.taxtmi.com/caselaws?id=6877 Property acquired by a money-lender in discharge of debts may be treated as stock-in-trade where the facts show integration with the money-lending business. The decisive factors were the accounting treatment of the lands in business folios, payment of related expenses from business funds, and application of the sale surplus to increase business capital. On that basis, the surplus realised on sale of the agricultural lands was treated as income arising from the money-lending business and assessable to tax, rather than as a separate capital receipt. The principle turns on subsequent treatment and business use of the property after acquisition. en-us Thu, 07 Jul 1966 00:00:00 +0530 Fri, 06 Feb 2009 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6877 Property acquired by a money-lender in discharge of debts may be treated as stock-in-trade where the facts show integration with the money-lending business. The decisive factors were the accounting treatment of the lands in business folios, payment of related expenses from business funds, and application of the sale surplus to increase business capital. On that basis, the surplus realised on sale of the agricultural lands was treated as income arising from the money-lending business and assessable to tax, rather than as a separate capital receipt. The principle turns on subsequent treatment and business use of the property after acquisition. Case-Laws Income Tax Thu, 07 Jul 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6877