https://www.taxtmi.com/caselaws?id=175582 Whether profit on sale constituted revenue or capital turned on the assessee's intention at the time of purchase, to be determined by cumulative factual circumstances. The analysis emphasised short holding, opportunistic acquisition during a brief visit, local borrowing to fund purchase with no repayment despite income, failure to repatriate proceeds, and absence of genuine retention efforts; alternative explanations (size, profit, managers, alleged compulsion or family disputes) were rejected as insufficient. The Tribunal's overall factual conclusion was sustained despite some flawed reasoning. Outcome: the transaction was an adventure in the nature of trade and the profit was taxable as revenue. en-us Thu, 12 Oct 1961 00:00:00 +0530 Fri, 27 Nov 2015 11:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175582 Whether profit on sale constituted revenue or capital turned on the assessee's intention at the time of purchase, to be determined by cumulative factual circumstances. The analysis emphasised short holding, opportunistic acquisition during a brief visit, local borrowing to fund purchase with no repayment despite income, failure to repatriate proceeds, and absence of genuine retention efforts; alternative explanations (size, profit, managers, alleged compulsion or family disputes) were rejected as insufficient. The Tribunal's overall factual conclusion was sustained despite some flawed reasoning. Outcome: the transaction was an adventure in the nature of trade and the profit was taxable as revenue. Case-Laws Income Tax Thu, 12 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175582