https://www.taxtmi.com/caselaws?id=278952 In a banking context, property acquired for the bank's own use was treated as fixed capital, not as part of the money-lending business, so the profit on its sale was not taxable as business income. By contrast, properties taken over in realisation of debts and retained for several years remained part of the bank's circulating capital absent clear evidence of conversion into independent investments, so the profit on their sale was assessable as income from the money-lending business. The result was a partial exclusion from tax only for the property held for the bank's own use, with the balance treated as business income. en-us Tue, 23 Aug 1960 00:00:00 +0530 Tue, 26 Feb 2019 16:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278952 In a banking context, property acquired for the bank's own use was treated as fixed capital, not as part of the money-lending business, so the profit on its sale was not taxable as business income. By contrast, properties taken over in realisation of debts and retained for several years remained part of the bank's circulating capital absent clear evidence of conversion into independent investments, so the profit on their sale was assessable as income from the money-lending business. The result was a partial exclusion from tax only for the property held for the bank's own use, with the balance treated as business income. Case-Laws Income Tax Tue, 23 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278952