https://www.taxtmi.com/caselaws?id=19707 Interest earned on deposits and advances made from surplus funds was held to be taxable as income from other sources, not as business income. The assessee-corporation's principal object was land development, and the statutory powers to finance projects or assist landholders did not amount to authority to conduct money-lending as a regular commercial business. No board resolution or other material showed an intention to carry on lending as an independent business activity. Because the receipts arose from deployment of funds not required for operations, they fell outside business income treatment under the wider meaning of "business" in the Income-tax Act. en-us Tue, 05 Apr 1994 00:00:00 +0530 Mon, 09 Nov 2009 11:20:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19707 Interest earned on deposits and advances made from surplus funds was held to be taxable as income from other sources, not as business income. The assessee-corporation's principal object was land development, and the statutory powers to finance projects or assist landholders did not amount to authority to conduct money-lending as a regular commercial business. No board resolution or other material showed an intention to carry on lending as an independent business activity. Because the receipts arose from deployment of funds not required for operations, they fell outside business income treatment under the wider meaning of "business" in the Income-tax Act. Case-Laws Income Tax Tue, 05 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19707