https://www.taxtmi.com/caselaws?id=5139 Profit from the sale of a colliery was taxable as business income because the Tribunal treated the prospecting, development, and sale as part of the assessee's trading operations and profit-making scheme, not a mere realisation of capital. Loss on the sale of a Dry Ice Factory was deductible in the relevant year because it accrued only when the sale price was finally settled, so the loss had crystallised in that accounting period and was not to be treated as an earlier unascertained loss. The SC thus sustained taxability on the colliery sale while allowing the factory-sale loss, resulting in split success. en-us Thu, 20 Feb 1969 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5139 Profit from the sale of a colliery was taxable as business income because the Tribunal treated the prospecting, development, and sale as part of the assessee's trading operations and profit-making scheme, not a mere realisation of capital. Loss on the sale of a Dry Ice Factory was deductible in the relevant year because it accrued only when the sale price was finally settled, so the loss had crystallised in that accounting period and was not to be treated as an earlier unascertained loss. The SC thus sustained taxability on the colliery sale while allowing the factory-sale loss, resulting in split success. Case-Laws Income Tax Thu, 20 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5139