1965 (10) TMI 4

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..... KAILASAM. JUDGMENT The judgment of the court was delivered by VEERASWAMI J.-The question referred to us turns on whether the properties in question were stock-in-trade of the money-lending business of the assessee or constituted capital. The matter relates to the assessment year 1957-58. The assessee is a firm carrying on money-lending business in Ceylon owning properties there. The member .....

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..... , and were allotted to the share of the partners of the firm at the partition. The revenue throughout, and the Tribunal on these facts, considered that the properties constituted part of the stock-in-trade of the money-lending business. On that view, the sum of Rs. 23,992 was included in the chargeable income. On a direction by this court, the Tribunal has submitted the following question for .....

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..... his aspect of the question was considered in Tax Case No. 159 of 1962. The facts in this case are not sufficient, in our view, to hold that what was obtained as capital at the partition was given such treatment as to invest it with the character of stock-in-trade of the money-lending business. The properties were dealt with in a separate account and the transactions in respect of them were all b .....

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