https://www.taxtmi.com/caselaws?id=171587 Profits from an isolated purchase and sale of shares are taxable as business income only if the transaction is shown to have been entered into and carried through as a trading adventure rather than a mere realisation of investment. A single transaction may still constitute an adventure in the nature of trade, but the surrounding facts must show trading activity or trading indicia. On the facts, the assessees were not share dealers, had no prior or subsequent share dealings, and held the shares for several years; the circumstances relied on by the Department were insufficient to prove a trading venture. The surplus was therefore a casual receipt from a source other than business and not taxable as business income. en-us Mon, 28 May 1951 00:00:00 +0530 Fri, 24 Jul 2015 17:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171587 Profits from an isolated purchase and sale of shares are taxable as business income only if the transaction is shown to have been entered into and carried through as a trading adventure rather than a mere realisation of investment. A single transaction may still constitute an adventure in the nature of trade, but the surrounding facts must show trading activity or trading indicia. On the facts, the assessees were not share dealers, had no prior or subsequent share dealings, and held the shares for several years; the circumstances relied on by the Department were insufficient to prove a trading venture. The surplus was therefore a casual receipt from a source other than business and not taxable as business income. Case-Laws Income Tax Mon, 28 May 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171587