https://www.taxtmi.com/caselaws?id=49278 Dividend income of an investment company was taxable as income from other sources, not as business profits, because the real test was whether it was carrying on a share-dealing business. Powers in the memorandum to acquire, hold, sell, invest in and vary investments were not conclusive. On the facts, the company merely held shares as investments and did not treat them as stock-in-trade. Dividend receipts in that situation could not be treated as business income simply because the recipient was an investment company. The position was treated as no different in principle from an individual investing in shares to earn dividends. en-us Tue, 02 Nov 1965 00:00:00 +0530 Tue, 19 Aug 2014 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49278 Dividend income of an investment company was taxable as income from other sources, not as business profits, because the real test was whether it was carrying on a share-dealing business. Powers in the memorandum to acquire, hold, sell, invest in and vary investments were not conclusive. On the facts, the company merely held shares as investments and did not treat them as stock-in-trade. Dividend receipts in that situation could not be treated as business income simply because the recipient was an investment company. The position was treated as no different in principle from an individual investing in shares to earn dividends. Case-Laws Income Tax Tue, 02 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49278