https://www.taxtmi.com/caselaws?id=278953 Property acquired by a money-lender in discharge of a debt is characterised by its subsequent treatment in the business records. Where the income from the property is entered in the business accounts, related expenditure is debited there, and the balance is carried to business capital, the property may be treated as a business asset rather than a capital asset. The question is one of fact, and long retention or an asserted compulsion to sell does not outweigh accounting treatment supported by evidence. On that footing, profit on sale is taxable as income. en-us Mon, 19 Mar 1962 00:00:00 +0530 Tue, 26 Feb 2019 16:42:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278953 Property acquired by a money-lender in discharge of a debt is characterised by its subsequent treatment in the business records. Where the income from the property is entered in the business accounts, related expenditure is debited there, and the balance is carried to business capital, the property may be treated as a business asset rather than a capital asset. The question is one of fact, and long retention or an asserted compulsion to sell does not outweigh accounting treatment supported by evidence. On that footing, profit on sale is taxable as income. Case-Laws Income Tax Mon, 19 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278953