https://www.taxtmi.com/caselaws?id=183082 Where an isolated purchase and later sale of land occurred outside the assessee's ordinary business, the revenue must prove a dominant intention to resell for it to constitute an adventure in the nature of trade; the Tribunal erred by relying on uncorroborated statements and ignoring material evidence, so the transaction was held a capital investment and proceeds were not taxable as trading income. Separately, receipts realised on March 18, 1949 were attributable to the prior year relevant to assessment year 1949-50, and an appellate body hearing an appeal for a later year lacks power to direct assessment of an earlier year. Both questions resolved for the assessee. en-us Thu, 24 Dec 1964 00:00:00 +0530 Fri, 27 May 2016 15:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183082 Where an isolated purchase and later sale of land occurred outside the assessee's ordinary business, the revenue must prove a dominant intention to resell for it to constitute an adventure in the nature of trade; the Tribunal erred by relying on uncorroborated statements and ignoring material evidence, so the transaction was held a capital investment and proceeds were not taxable as trading income. Separately, receipts realised on March 18, 1949 were attributable to the prior year relevant to assessment year 1949-50, and an appellate body hearing an appeal for a later year lacks power to direct assessment of an earlier year. Both questions resolved for the assessee. Case-Laws Income Tax Thu, 24 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183082