https://www.taxtmi.com/caselaws?id=67921 Profit from a solitary purchase of land later acquired under land acquisition proceedings was not taxable as business income because there was no material showing a business of buying and selling property for profit. The decisive factor was the assessee's intention, and the record showed no scheme, regular dealing, or trade-like activity. In the absence of business or profession, the land was not excluded from the definition of capital asset, so the gain could not be treated as an adventure in the nature of trade. The departmental appeal failed. en-us Thu, 19 Jun 1986 00:00:00 +0530 Tue, 15 Mar 2011 17:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67921 Profit from a solitary purchase of land later acquired under land acquisition proceedings was not taxable as business income because there was no material showing a business of buying and selling property for profit. The decisive factor was the assessee's intention, and the record showed no scheme, regular dealing, or trade-like activity. In the absence of business or profession, the land was not excluded from the definition of capital asset, so the gain could not be treated as an adventure in the nature of trade. The departmental appeal failed. Case-Laws Income Tax Thu, 19 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67921