https://www.taxtmi.com/caselaws?id=168763 Whether profit from the purchase and resale of a spinning plant was taxable turned on whether the transaction was an adventure in the nature of trade. The statutory phrase is a question of law, but applying it to proved facts is ordinarily an inference of fact. A tribunal's contrary conclusion may be set aside where it rests on a misunderstanding of the statutory language, no evidence, or a conclusion no reasonable tribunal could reach. On the facts, the buyers intended a quick resale at profit, organised the disposal, incurred trading-like expenses, and sold the plant in lots for gain; the isolated nature of the venture did not prevent it from being trading. The assessments were therefore confirmed. en-us Mon, 25 Jul 1955 00:00:00 +0530 Wed, 25 Mar 2015 17:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168763 Whether profit from the purchase and resale of a spinning plant was taxable turned on whether the transaction was an adventure in the nature of trade. The statutory phrase is a question of law, but applying it to proved facts is ordinarily an inference of fact. A tribunal's contrary conclusion may be set aside where it rests on a misunderstanding of the statutory language, no evidence, or a conclusion no reasonable tribunal could reach. On the facts, the buyers intended a quick resale at profit, organised the disposal, incurred trading-like expenses, and sold the plant in lots for gain; the isolated nature of the venture did not prevent it from being trading. The assessments were therefore confirmed. Case-Laws Income Tax Mon, 25 Jul 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168763