https://www.taxtmi.com/caselaws?id=171580 A purchase and resale of estates was treated as an adventure in the nature of trade because the surrounding circumstances showed an intention to resell for profit rather than retain the property as a capital asset; the excess realised was therefore assessable as business income. In computing profits from raising and selling produce, where no regular method of accounting had been maintained, the mercantile basis could be applied and closing stock of unsold produce brought in at cost to reflect true yearly profits. Both points were answered against the assessee, and the Revenue's computation was upheld. en-us Tue, 15 Apr 1952 00:00:00 +0530 Fri, 24 Jul 2015 17:00:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171580 A purchase and resale of estates was treated as an adventure in the nature of trade because the surrounding circumstances showed an intention to resell for profit rather than retain the property as a capital asset; the excess realised was therefore assessable as business income. In computing profits from raising and selling produce, where no regular method of accounting had been maintained, the mercantile basis could be applied and closing stock of unsold produce brought in at cost to reflect true yearly profits. Both points were answered against the assessee, and the Revenue's computation was upheld. Case-Laws Income Tax Tue, 15 Apr 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171580