https://www.taxtmi.com/caselaws?id=175423 A genuine gift of land to the wives, followed by resale, did not by itself establish trading or an adventure in the nature of trade. The fact that the husbands planned the arrangements and controlled the purchasing companies was not enough to compel a trading finding, especially where the wives were beneficial owners and were not shown to be mere nominees or pre-committed resellers. On the same facts, the isolated profits were also not shown to be annual profits or gains chargeable to income tax, and the fact-finding body was entitled to treat them as capital receipts. The tax challenge therefore failed. en-us Fri, 19 Jan 1945 00:00:00 +0630 Fri, 20 Nov 2015 17:07:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175423 A genuine gift of land to the wives, followed by resale, did not by itself establish trading or an adventure in the nature of trade. The fact that the husbands planned the arrangements and controlled the purchasing companies was not enough to compel a trading finding, especially where the wives were beneficial owners and were not shown to be mere nominees or pre-committed resellers. On the same facts, the isolated profits were also not shown to be annual profits or gains chargeable to income tax, and the fact-finding body was entitled to treat them as capital receipts. The tax challenge therefore failed. Case-Laws Income Tax Fri, 19 Jan 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=175423