https://www.taxtmi.com/caselaws?id=186482 A receipt from an estate was held not chargeable as business income because the isolated arrangement lacked the commercial character of an adventure in the nature of trade. It was also not taxable as capital gains, since the assessee had only a right to receive distributions and the payment did not amount to a statutory transfer or extinguishment of a capital asset. The same amount could not be taxed again in the recipient's hands after the estate had already been separately assessed, so double taxation was avoided and the individual appeals failed. en-us Fri, 15 Jul 2011 00:00:00 +0530 Tue, 20 Sep 2016 11:16:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186482 A receipt from an estate was held not chargeable as business income because the isolated arrangement lacked the commercial character of an adventure in the nature of trade. It was also not taxable as capital gains, since the assessee had only a right to receive distributions and the payment did not amount to a statutory transfer or extinguishment of a capital asset. The same amount could not be taxed again in the recipient's hands after the estate had already been separately assessed, so double taxation was avoided and the individual appeals failed. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186482