https://www.taxtmi.com/caselaws?id=8457 For section 23A of the Indian Income-tax Act, 1922, "investment" was construed in its ordinary commercial sense, not as a term of art. Income-yielding immovable property, including houses let for rent, could constitute investments where the company's objects and main income showed that such properties formed its principal business. Classification of that income under section 9 did not change the character of the underlying assets, because the Act's heads of income are only a mode of computation. On that basis, the company was treated as one whose business consisted mainly in holding investments, and the departmental position was sustained. en-us Tue, 09 Feb 1971 00:00:00 +0530 Wed, 15 Apr 2009 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8457 For section 23A of the Indian Income-tax Act, 1922, "investment" was construed in its ordinary commercial sense, not as a term of art. Income-yielding immovable property, including houses let for rent, could constitute investments where the company's objects and main income showed that such properties formed its principal business. Classification of that income under section 9 did not change the character of the underlying assets, because the Act's heads of income are only a mode of computation. On that basis, the company was treated as one whose business consisted mainly in holding investments, and the departmental position was sustained. Case-Laws Income Tax Tue, 09 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8457