https://www.taxtmi.com/caselaws?id=186823 The court ruled that the sum of Rs. 1,50,399 was not assessable to tax as it was not considered an adventure in the nature of trade for the assessee. The transaction involving the purchase of legacies through a court auction was deemed isolated and unrelated to the assessee's regular business activities of money-lending, land ownership, and interests in cotton mills. The court highlighted the distinction between this transaction and a profitable trade engagement, ultimately deciding in favor of the assessee and awarding costs. en-us Tue, 04 Dec 1934 00:00:00 +0530 Sat, 01 Oct 2016 16:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186823 The court ruled that the sum of Rs. 1,50,399 was not assessable to tax as it was not considered an adventure in the nature of trade for the assessee. The transaction involving the purchase of legacies through a court auction was deemed isolated and unrelated to the assessee's regular business activities of money-lending, land ownership, and interests in cotton mills. The court highlighted the distinction between this transaction and a profitable trade engagement, ultimately deciding in favor of the assessee and awarding costs. Case-Laws Income Tax Tue, 04 Dec 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186823