https://www.taxtmi.com/caselaws?id=7354 The High Court of Madras ruled in favor of the Hindu undivided family, holding that the profits from the sale of properties were not liable to be assessed as income under the Indian Income-tax Act for the assessment years 1951-52 and 1952-53. The court emphasized that the properties did not possess the character of stock-in-trade in the money-lending business, as there was insufficient evidence to support such a classification. Costs and counsel's fee were awarded to the assessee due to the lack of conduct indicating the properties were treated as stock-in-trade. en-us Thu, 14 Nov 1968 00:00:00 +0530 Wed, 18 Feb 2009 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7354 The High Court of Madras ruled in favor of the Hindu undivided family, holding that the profits from the sale of properties were not liable to be assessed as income under the Indian Income-tax Act for the assessment years 1951-52 and 1952-53. The court emphasized that the properties did not possess the character of stock-in-trade in the money-lending business, as there was insufficient evidence to support such a classification. Costs and counsel's fee were awarded to the assessee due to the lack of conduct indicating the properties were treated as stock-in-trade. Case-Laws Income Tax Thu, 14 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7354