https://www.taxtmi.com/caselaws?id=171584 A single purchase and resale of silver from capital funds was held not to be an adventure in the nature of trade under the income-tax definition of business. The decisive test was whether the transaction was carried on in the manner of ordinary trading; here, there were no trading operations, no steps to make the silver marketable, and no evidence of any business in silver. Mere intention to resell at a profit, or the speculative character of the purchase, was insufficient by itself to establish business income. The receipts were therefore treated as not arising from business. en-us Mon, 26 Jun 1939 00:00:00 +0530 Fri, 24 Jul 2015 17:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171584 A single purchase and resale of silver from capital funds was held not to be an adventure in the nature of trade under the income-tax definition of business. The decisive test was whether the transaction was carried on in the manner of ordinary trading; here, there were no trading operations, no steps to make the silver marketable, and no evidence of any business in silver. Mere intention to resell at a profit, or the speculative character of the purchase, was insufficient by itself to establish business income. The receipts were therefore treated as not arising from business. Case-Laws Income Tax Mon, 26 Jun 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171584