https://www.taxtmi.com/caselaws?id=175586 An isolated acquisition-and-sale transaction is assessable as income only if the facts show a business-like profit-making scheme or an adventure in the nature of trade. On the stated facts, the dominant purpose of acquiring the brother's interest was to preserve the family holding and prevent a stranger becoming co-owner, not to buy for resale at a profit. The transaction was therefore treated as a realisation of capital rather than a profit-making undertaking, and the resulting profit was not taxable as income. Even the ordinary-income argument failed because it added nothing beyond the statutory inquiry into profit-making purpose. en-us Mon, 02 Nov 1970 00:00:00 +0530 Fri, 27 Nov 2015 12:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175586 An isolated acquisition-and-sale transaction is assessable as income only if the facts show a business-like profit-making scheme or an adventure in the nature of trade. On the stated facts, the dominant purpose of acquiring the brother's interest was to preserve the family holding and prevent a stranger becoming co-owner, not to buy for resale at a profit. The transaction was therefore treated as a realisation of capital rather than a profit-making undertaking, and the resulting profit was not taxable as income. Even the ordinary-income argument failed because it added nothing beyond the statutory inquiry into profit-making purpose. Case-Laws Income Tax Mon, 02 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175586