https://www.taxtmi.com/caselaws?id=278954 Surplus from the sale of lands taken in satisfaction of debts by a money-lender was treated as taxable business profit because the lands were shown to have become stock-in-trade of the money-lending business. The decisive indicia were that the income from the lands, the sale proceeds and the cultivation expenses were all entered in the business accounts, and the proceeds were used as circulating capital for further lending. The Court held that the absence of every factor found in earlier cases did not defeat that conclusion where the relevant business connections were established. The surplus was therefore not capital accretion. 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 Surplus from the sale of lands taken in satisfaction of debts by a money-lender was treated as taxable business profit because the lands were shown to have become stock-in-trade of the money-lending business. The decisive indicia were that the income from the lands, the sale proceeds and the cultivation expenses were all entered in the business accounts, and the proceeds were used as circulating capital for further lending. The Court held that the absence of every factor found in earlier cases did not defeat that conclusion where the relevant business connections were established. The surplus was therefore not capital accretion. Case-Laws Income Tax Tue, 25 Jun 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278954