https://www.taxtmi.com/caselaws?id=291586 A receipt arising from a financing arrangement, where funds were advanced in expectation of a profit over and above the amount lent, was treated as income, profits or gains rather than a windfall. The fact that the transaction was undertaken only once did not prevent it from being income when its substance was profit-making. The arrangement was also held to be business in nature because it involved an organised lending transaction with stipulated returns and steps to realise the gain. The receipt was therefore taxable as business income and not exempt under the cited provision. en-us Fri, 30 Nov 1934 00:00:00 +0530 Wed, 18 Nov 2020 11:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291586 A receipt arising from a financing arrangement, where funds were advanced in expectation of a profit over and above the amount lent, was treated as income, profits or gains rather than a windfall. The fact that the transaction was undertaken only once did not prevent it from being income when its substance was profit-making. The arrangement was also held to be business in nature because it involved an organised lending transaction with stipulated returns and steps to realise the gain. The receipt was therefore taxable as business income and not exempt under the cited provision. Case-Laws Income Tax Fri, 30 Nov 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291586