https://www.taxtmi.com/caselaws?id=175581 Surplus from sale of a plot was held taxable as profit from an adventure in the nature of trade because the surrounding facts pointed to a commercial venture rather than a capital investment. The court relied on the purchase with borrowed funds, the absence of convincing evidence of any genuine intention to construct a building, inconsistent explanations for acquisition and sale, the short interval between purchase and resale, the manner of dealing with the property, and the substantial rise in price. It held that the character of an isolated transaction must be judged from the totality of its circumstances, and the taxing authorities' finding was supported by evidence and not perverse. en-us Thu, 13 May 1965 00:00:00 +0530 Fri, 27 Nov 2015 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175581 Surplus from sale of a plot was held taxable as profit from an adventure in the nature of trade because the surrounding facts pointed to a commercial venture rather than a capital investment. The court relied on the purchase with borrowed funds, the absence of convincing evidence of any genuine intention to construct a building, inconsistent explanations for acquisition and sale, the short interval between purchase and resale, the manner of dealing with the property, and the substantial rise in price. It held that the character of an isolated transaction must be judged from the totality of its circumstances, and the taxing authorities' finding was supported by evidence and not perverse. Case-Laws Income Tax Thu, 13 May 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175581