https://www.taxtmi.com/caselaws?id=184124 Profit from the sale of lease rights was held assessable as income arising from an adventure in the nature of trade, on a fact-specific assessment of the entire transaction. The court emphasized the circumstances at acquisition, the absence of construction despite prolonged possession, the lack of sufficient funds at the outset to develop the plot, and the later sale after market values had risen. It reiterated that an intention to resell at a profit is not by itself conclusive; whether a transaction is an adventure in the nature of trade depends on the totality of relevant facts. The Tribunal's conclusion was supported by evidence, and no interference was warranted in reference jurisdiction merely because another view was possible. en-us Thu, 09 Aug 1962 00:00:00 +0530 Thu, 30 Jun 2016 10:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184124 Profit from the sale of lease rights was held assessable as income arising from an adventure in the nature of trade, on a fact-specific assessment of the entire transaction. The court emphasized the circumstances at acquisition, the absence of construction despite prolonged possession, the lack of sufficient funds at the outset to develop the plot, and the later sale after market values had risen. It reiterated that an intention to resell at a profit is not by itself conclusive; whether a transaction is an adventure in the nature of trade depends on the totality of relevant facts. The Tribunal's conclusion was supported by evidence, and no interference was warranted in reference jurisdiction merely because another view was possible. Case-Laws Income Tax Thu, 09 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184124