https://www.taxtmi.com/caselaws?id=178748 Profit arising from the sale of land after plotting it to obtain a better price does not, by itself, amount to an adventure in the nature of trade. Following an earlier Allahabad HC decision, the court treated the activity as a capital transaction rather than trading activity and held that the resulting profit was not taxable as business profit from an adventure in the nature of trade. The reference was answered against the Revenue and in favour of the assessee. en-us Tue, 13 May 2003 00:00:00 +0530 Fri, 10 Feb 2017 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178748 Profit arising from the sale of land after plotting it to obtain a better price does not, by itself, amount to an adventure in the nature of trade. Following an earlier Allahabad HC decision, the court treated the activity as a capital transaction rather than trading activity and held that the resulting profit was not taxable as business profit from an adventure in the nature of trade. The reference was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Tue, 13 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178748