https://www.taxtmi.com/caselaws?id=184608 Purchase and resale of a tea estate was treated as an adventure in the nature of trade because the decisive test is objective commercial character, not profit motive alone. Where the assessee acquired the estate largely with borrowed funds, held it only briefly, and sold it without any realistic intention of retaining it as a long-term income-yielding investment, the surrounding circumstances supported a trading inference. The principle stated is that a transaction amounts to trade only if, judged objectively, it is carried on in the manner of ordinary trading; on those facts, the venture was capitalised as commercial rather than capital in nature. en-us Tue, 14 Aug 1962 00:00:00 +0530 Wed, 13 Jul 2016 18:05:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184608 Purchase and resale of a tea estate was treated as an adventure in the nature of trade because the decisive test is objective commercial character, not profit motive alone. Where the assessee acquired the estate largely with borrowed funds, held it only briefly, and sold it without any realistic intention of retaining it as a long-term income-yielding investment, the surrounding circumstances supported a trading inference. The principle stated is that a transaction amounts to trade only if, judged objectively, it is carried on in the manner of ordinary trading; on those facts, the venture was capitalised as commercial rather than capital in nature. Case-Laws Income Tax Tue, 14 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184608