COMMISSIONER OF INCOME TAX Vs. MEENAKSHISUNDARAM R M

JUDGEMENT

(1.) PURSUANT to the order of this court under section 256(2) of the Income-tax Act, 1961, the following questions of law have been referred to us for our decision :

(2.) THE relevant facts leading to the reference may now be set out. THE income returned by the assessee, who was an individual and a minor at the relevant time, for the assessment years 1966-67 to 1969-70 included interest from certain loan transactions. THE income-tax Officer relying upon the fact that the entire capital that was received by the minor at a family partition had been invested with a small number of persons, was of the view that there was no money-lending business to which the interest income could be correlated. THErefore, be assessed the interest income under the head "Other sources".

(3.) IN Sole Trustee, Loka Shikshana Trust v. CIT , the court while pointing out that the expression "business" is a word of indefinite import, stated (at page 243) :