https://www.taxtmi.com/caselaws?id=171583 Surplus on the sale of a silk mill was not business income where the assessee's pre-existing business was unrelated to silk manufacture and the acquisition was not shown to have been made with a trading intention or resale scheme at inception; the later sale therefore did not constitute an adventure in the nature of trade. By contrast, the difference between the original cost and the written down value of plant and machinery was assessable under the depreciation-balancing provision when the depreciable assets were sold for more than their written down value, even though the business line had ceased. en-us Mon, 07 Mar 1960 00:00:00 +0530 Fri, 24 Jul 2015 17:16:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171583 Surplus on the sale of a silk mill was not business income where the assessee's pre-existing business was unrelated to silk manufacture and the acquisition was not shown to have been made with a trading intention or resale scheme at inception; the later sale therefore did not constitute an adventure in the nature of trade. By contrast, the difference between the original cost and the written down value of plant and machinery was assessable under the depreciation-balancing provision when the depreciable assets were sold for more than their written down value, even though the business line had ceased. Case-Laws Income Tax Mon, 07 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171583