https://www.taxtmi.com/caselaws?id=290957 Profit from the resale of rubber plantations acquired in liquidation of a money-lending debt was taxable as business income because the property had been taken up in the course of the assessee's money-lending business and was consistently treated in the business accounts with the related debt, expenses, and receipts. The fact that the transaction involved a single resale did not prevent it from being business profit where the surrounding facts showed that it formed part of the business operations. On those facts, the assessment of the resale profit as assessable business income was upheld. en-us Tue, 15 Oct 1929 00:00:00 +0530 Fri, 23 Oct 2020 11:55:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290957 Profit from the resale of rubber plantations acquired in liquidation of a money-lending debt was taxable as business income because the property had been taken up in the course of the assessee's money-lending business and was consistently treated in the business accounts with the related debt, expenses, and receipts. The fact that the transaction involved a single resale did not prevent it from being business profit where the surrounding facts showed that it formed part of the business operations. On those facts, the assessment of the resale profit as assessable business income was upheld. Case-Laws Income Tax Tue, 15 Oct 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290957