https://www.taxtmi.com/caselaws?id=153305 An isolated purchase and partial resale of property was held not to constitute an adventure in the nature of trade where the assessee was not in the land-dealing business, retained most of the land, and no surrounding facts showed an intention from inception to buy for resale at a profit. Financing the acquisition partly through sale of a portion and partly by overdraft was not sufficient, by itself, to convert the transaction into trading activity. The court treated the acquisition as a prudent investment rather than a commercial venture, and the resulting profit was not taxable as business income. en-us Wed, 21 Aug 1963 00:00:00 +0530 Mon, 22 Jul 2013 12:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153305 An isolated purchase and partial resale of property was held not to constitute an adventure in the nature of trade where the assessee was not in the land-dealing business, retained most of the land, and no surrounding facts showed an intention from inception to buy for resale at a profit. Financing the acquisition partly through sale of a portion and partly by overdraft was not sufficient, by itself, to convert the transaction into trading activity. The court treated the acquisition as a prudent investment rather than a commercial venture, and the resulting profit was not taxable as business income. Case-Laws Income Tax Wed, 21 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153305