https://www.taxtmi.com/caselaws?id=12116 Receipts from the sale and lease of horses were treated as business income because they arose from a business activity, so they could not be recharacterised as capital gains or income from other sources; the horses were also not personal effects. For an assessee following the mercantile system, lease income accrued in the year of auction and was taxable on accrual, not spread across the years in which payment was received. The questions were answered against the assessee and in favour of the Revenue. en-us Thu, 10 Oct 2002 00:00:00 +0530 Wed, 17 Feb 2010 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12116 Receipts from the sale and lease of horses were treated as business income because they arose from a business activity, so they could not be recharacterised as capital gains or income from other sources; the horses were also not personal effects. For an assessee following the mercantile system, lease income accrued in the year of auction and was taxable on accrual, not spread across the years in which payment was received. The questions were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 10 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12116