https://www.taxtmi.com/caselaws?id=277170 Profit arising from sale of Government securities purchased with business funds was treated as business income because the investment was made out of moneys received in the course of business and formed part of business operations. Profit on sale of property acquired for resale at a profit was also assessable, as it was not a casual or non-recurring receipt and did not fall outside taxable income. A claim to reduce the current assessment by setting off an alleged over-assessment in another year was rejected, as no legal basis was shown for such adjustment on the facts. The reference was answered in favour of Revenue, with the receipts held taxable. en-us Mon, 08 Feb 1937 00:00:00 +0530 Tue, 27 Nov 2018 17:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277170 Profit arising from sale of Government securities purchased with business funds was treated as business income because the investment was made out of moneys received in the course of business and formed part of business operations. Profit on sale of property acquired for resale at a profit was also assessable, as it was not a casual or non-recurring receipt and did not fall outside taxable income. A claim to reduce the current assessment by setting off an alleged over-assessment in another year was rejected, as no legal basis was shown for such adjustment on the facts. The reference was answered in favour of Revenue, with the receipts held taxable. Case-Laws Income Tax Mon, 08 Feb 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277170