https://www.taxtmi.com/caselaws?id=258753 Surplus from a property-related arrangement was taxable as business income because the real character of the transaction, as seen from the MOU and connected documents, showed no intention to hold the property as an investment. The assessee acted to identify a purchaser for the owner, bore the commercial risk, and retained only the amount realised over the fixed sum payable to the owner. The structure was directed solely to profit on resale, satisfying the test of an adventure in the nature of trade. The alternative claim that the amount arose as capital gains was rejected, as the assessee neither held nor transferred the asset in the character of an investor. en-us Wed, 27 Aug 2014 00:00:00 +0530 Thu, 14 May 2015 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258753 Surplus from a property-related arrangement was taxable as business income because the real character of the transaction, as seen from the MOU and connected documents, showed no intention to hold the property as an investment. The assessee acted to identify a purchaser for the owner, bore the commercial risk, and retained only the amount realised over the fixed sum payable to the owner. The structure was directed solely to profit on resale, satisfying the test of an adventure in the nature of trade. The alternative claim that the amount arose as capital gains was rejected, as the assessee neither held nor transferred the asset in the character of an investor. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258753