https://www.taxtmi.com/caselaws?id=175584 Evidence supported the finding that the assessee was carrying on a business of purchasing, developing and selling land, because it acquired a large village with borrowed funds, implemented a development scheme, plotted the land into numerous sites, incurred development expenditure, and sold substantial plots during the year. These facts were sufficient material to characterise the activity as a commercial venture and to treat the sale proceeds as business receipts for that purpose. The exact profit element could not be finally determined on the available materials, because the venture had not run its full course and a large part of the land remained unsold. en-us Thu, 05 Oct 1939 00:00:00 +0530 Fri, 27 Nov 2015 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175584 Evidence supported the finding that the assessee was carrying on a business of purchasing, developing and selling land, because it acquired a large village with borrowed funds, implemented a development scheme, plotted the land into numerous sites, incurred development expenditure, and sold substantial plots during the year. These facts were sufficient material to characterise the activity as a commercial venture and to treat the sale proceeds as business receipts for that purpose. The exact profit element could not be finally determined on the available materials, because the venture had not run its full course and a large part of the land remained unsold. Case-Laws Income Tax Thu, 05 Oct 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175584