https://www.taxtmi.com/caselaws?id=184607 Profit from the sale of silver bars was treated as taxable income because the transaction, on its surrounding circumstances, was a commercial adventure in the nature of trade. The decisive inquiry was the character of the purchase at the time it was made, assessed from the cumulative effect of all relevant facts. Substantial purchases in instalments, made when prices were expected to rise and retained for sale at a suitable opportunity, indicated an intention to resell at a profit. The fact that the deal was outside the assessee's regular line of business did not negate trading character, and the explanations of investment or compelled sale were not accepted on the record. en-us Wed, 03 Feb 1965 00:00:00 +0530 Wed, 13 Jul 2016 17:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184607 Profit from the sale of silver bars was treated as taxable income because the transaction, on its surrounding circumstances, was a commercial adventure in the nature of trade. The decisive inquiry was the character of the purchase at the time it was made, assessed from the cumulative effect of all relevant facts. Substantial purchases in instalments, made when prices were expected to rise and retained for sale at a suitable opportunity, indicated an intention to resell at a profit. The fact that the deal was outside the assessee's regular line of business did not negate trading character, and the explanations of investment or compelled sale were not accepted on the record. Case-Laws Income Tax Wed, 03 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184607