https://www.taxtmi.com/caselaws?id=7129 Dividend received on shares allotted in part satisfaction of a money-lending debt was treated as business income because the shares arose from and remained connected with the assessee's trading activity. Assessability of the dividend under the dividend head did not prevent its treatment as business income where, on the facts, the shares were trading assets rather than capital investments. Mere retention of the shares for some years was insufficient to show conversion into capital, particularly when the underlying borrowed monies continued to be treated as business expenditure. The dividend income was therefore available for set-off against carried forward loss under section 24(2). en-us Wed, 12 Jul 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7129 Dividend received on shares allotted in part satisfaction of a money-lending debt was treated as business income because the shares arose from and remained connected with the assessee's trading activity. Assessability of the dividend under the dividend head did not prevent its treatment as business income where, on the facts, the shares were trading assets rather than capital investments. Mere retention of the shares for some years was insufficient to show conversion into capital, particularly when the underlying borrowed monies continued to be treated as business expenditure. The dividend income was therefore available for set-off against carried forward loss under section 24(2). Case-Laws Income Tax Wed, 12 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7129