https://www.taxtmi.com/caselaws?id=242333 The High Court held that the transactions involving the sale of National Defence Gold Bonds were not an adventure in the nature of trade. The Court found that the sales were driven by government regulations and redemption dates, not by a regular business activity. The profits from the sales were not considered revenue profits. As a result, the court ruled in favor of the assessee, disposing of all Income Tax References accordingly. The department was directed to act in accordance with the court's judgment. en-us Fri, 14 Dec 2012 00:00:00 +0530 Thu, 09 Jan 2014 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242333 The High Court held that the transactions involving the sale of National Defence Gold Bonds were not an adventure in the nature of trade. The Court found that the sales were driven by government regulations and redemption dates, not by a regular business activity. The profits from the sales were not considered revenue profits. As a result, the court ruled in favor of the assessee, disposing of all Income Tax References accordingly. The department was directed to act in accordance with the court's judgment. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242333