1995 (6) TMI 6 - HC - Income Tax

Summary

The High Court of Madras held that income from money-lending business is considered as business income. The Tribunal's decision to allow deduction of Rs. 56,250 as business loss for the assessee was upheld based on a previous court decision. The question referred under section 256(2) of the Income-tax Act, 1961 was answered in favor of the assessee. (Case citation: 1995 (6) TMI 6 - MADRAS High Court)