https://www.taxtmi.com/caselaws?id=171582 A finding that a transaction constituted an adventure in the nature of trade, when based on evidence such as the assessee's object of earning profit and surrounding circumstances, did not itself raise a question of law. However, in computing taxable profit from a completed single venture, the real commercial result had to be ascertained, and expenditure forming part of the venture's cost could not be excluded merely because it was incurred in earlier years. The assessee was therefore entitled to deduct prior years' ground rent and taxes in determining the profit on assignment of the plot. en-us Mon, 20 Aug 1956 00:00:00 +0530 Fri, 24 Jul 2015 17:04:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171582 A finding that a transaction constituted an adventure in the nature of trade, when based on evidence such as the assessee's object of earning profit and surrounding circumstances, did not itself raise a question of law. However, in computing taxable profit from a completed single venture, the real commercial result had to be ascertained, and expenditure forming part of the venture's cost could not be excluded merely because it was incurred in earlier years. The assessee was therefore entitled to deduct prior years' ground rent and taxes in determining the profit on assignment of the plot. Case-Laws Income Tax Mon, 20 Aug 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171582