https://www.taxtmi.com/caselaws?id=5135 A land transaction may be treated as an adventure in the nature of trade where the totality of facts shows a profit-making venture, including intention at acquisition, subdivision into plots, multiple sales, and lack of capacity to hold the land as an investment. On those facts, the surplus is taxable as business profit. For computation, trading profits must be determined on ordinary commercial accounting principles, and stock-in-trade must be valued at the beginning and end of the accounting period. The retained land was part of the trading asset and was properly brought into account at its value in computing profit, resulting in an assessment against the assessee. en-us Wed, 12 Feb 1969 00:00:00 +0530 Fri, 30 Sep 2022 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5135 A land transaction may be treated as an adventure in the nature of trade where the totality of facts shows a profit-making venture, including intention at acquisition, subdivision into plots, multiple sales, and lack of capacity to hold the land as an investment. On those facts, the surplus is taxable as business profit. For computation, trading profits must be determined on ordinary commercial accounting principles, and stock-in-trade must be valued at the beginning and end of the accounting period. The retained land was part of the trading asset and was properly brought into account at its value in computing profit, resulting in an assessment against the assessee. Case-Laws Income Tax Wed, 12 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5135