Capital gains treatment of plot sales turned on absence of trading intention at acquisition, with no question of law arising.

Income from sale of plots to outsiders was treated as capital gains because the society was formed for refugee rehabilitation, the land had been allotted for distribution among members, and the plots sold did not become stock-in-trade. The Tribunal accepted that there was no profit motive from the outset, and the Revenue failed to show an intention to trade at the time of acquisition. A cited precedent on intention at purchase supported that approach, particularly where the sale took place many years after the land was acquired. No question of law arose from these findings, and the Tribunal's view remained undisturbed.

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Issues: Whether any question of law arose from the Tribunal's finding that the income from sale of plots to outsiders was assessable as capital gains.

Analysis: The society was constituted for rehabilitation of refugees and the land was originally allotted for distribution among members. The Tribunal found that the plots sold to outsiders did not become stock-in-trade and that there was no profit motive from the inception of the transaction. The cited precedent on intention to trade at the time of purchase supported the view that the Revenue had to establish such intention, which was not shown on the facts, especially when the sale occurred many years after acquisition.

Conclusion: No question of law arose, and the Tribunal's view was not disturbed.

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