https://www.taxtmi.com/caselaws?id=278953 Characterisation of agricultural properties acquired in satisfaction of debts depends on their treatment in the business: where income and expenses of such properties are recorded in the business accounts, annual balances are integrated into the business capital via interlinked accounts, and income is applied to business operations, those properties constitute stock-in-trade and profits on sale are business income; applying that principle to the facts and accounting treatment described, the sum assessed was treated as taxable business income and therefore liable to assessment in favour of the revenue. 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 Characterisation of agricultural properties acquired in satisfaction of debts depends on their treatment in the business: where income and expenses of such properties are recorded in the business accounts, annual balances are integrated into the business capital via interlinked accounts, and income is applied to business operations, those properties constitute stock-in-trade and profits on sale are business income; applying that principle to the facts and accounting treatment described, the sum assessed was treated as taxable business income and therefore liable to assessment in favour of the revenue. Case-Laws Income Tax Mon, 19 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278953