https://www.taxtmi.com/caselaws?id=175425 The court held that the sum realized from the sale of property purchased in a court auction by the assessee was not liable to be assessed as a transaction. The court emphasized that the transaction did not qualify as an adventure in the nature of trade, as the department failed to prove its commercial nature. Merely engaging in money-lending business did not automatically classify all transactions as part of that business. The court highlighted that even an isolated transaction can escape taxation if not part of a continuous trade or business. As a result, the court ruled in favor of the appellant, with costs awarded to them. en-us Tue, 13 Nov 1962 00:00:00 +0530 Fri, 20 Nov 2015 17:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175425 The court held that the sum realized from the sale of property purchased in a court auction by the assessee was not liable to be assessed as a transaction. The court emphasized that the transaction did not qualify as an adventure in the nature of trade, as the department failed to prove its commercial nature. Merely engaging in money-lending business did not automatically classify all transactions as part of that business. The court highlighted that even an isolated transaction can escape taxation if not part of a continuous trade or business. As a result, the court ruled in favor of the appellant, with costs awarded to them. Case-Laws Income Tax Tue, 13 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175425