https://www.taxtmi.com/caselaws?id=16769 Surplus from the sale of immovable properties acquired by a bank from debtors in satisfaction of loans is assessable as banking-business income where the properties constitute stock-in-trade. Transfer of those properties to an assessee under an amalgamation scheme, including at market value, does not alter that character. A banking-law obligation to dispose of non-banking assets also does not convert the resulting surplus into capital gains or exempt it from business-income taxation. The decisive considerations are the assets' character and their acquisition in the course of money-lending business, rather than whether their transfer or sale was compulsory. en-us Tue, 15 Sep 1998 00:00:00 +0530 Sat, 12 Sep 2009 11:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16769 Surplus from the sale of immovable properties acquired by a bank from debtors in satisfaction of loans is assessable as banking-business income where the properties constitute stock-in-trade. Transfer of those properties to an assessee under an amalgamation scheme, including at market value, does not alter that character. A banking-law obligation to dispose of non-banking assets also does not convert the resulting surplus into capital gains or exempt it from business-income taxation. The decisive considerations are the assets' character and their acquisition in the course of money-lending business, rather than whether their transfer or sale was compulsory. Case-Laws Income Tax Tue, 15 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16769