https://www.taxtmi.com/caselaws?id=278954 Lands taken in satisfaction of debts were held to be part of the assessee's money-lending business where the assessing and appellate authorities found (and the parties did not dispute) that the properties were recorded in business books, sale proceeds were credited and re utilised for re lending, and cultivation income and expenses were mixed with circulating capital. Applying precedents that treat the presence of indicia of stock in trade as sufficient to characterise such property as business assets, the surplus on sale was treated as taxable profit of the money lending business. en-us Tue, 25 Jun 1963 00:00:00 +0530 Tue, 26 Feb 2019 16:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278954 Lands taken in satisfaction of debts were held to be part of the assessee's money-lending business where the assessing and appellate authorities found (and the parties did not dispute) that the properties were recorded in business books, sale proceeds were credited and re utilised for re lending, and cultivation income and expenses were mixed with circulating capital. Applying precedents that treat the presence of indicia of stock in trade as sufficient to characterise such property as business assets, the surplus on sale was treated as taxable profit of the money lending business. Case-Laws Income Tax Tue, 25 Jun 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278954