https://www.taxtmi.com/caselaws?id=6192 A transaction is an adventure in the nature of trade only if the asset was acquired and held for dealing, as shown by the purchaser's intention and the surrounding circumstances. On the facts discussed, gold converted from earlier investments and held for nearly four years was treated as an investment realisation, so the surplus was capital and not business income. Likewise, shares acquired to secure control of a company, rather than for share trading, retained a capital character even when later sold after the control attempt failed. The governing test is the intention at acquisition, read with the whole course of conduct. en-us Mon, 01 Sep 1969 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6192 A transaction is an adventure in the nature of trade only if the asset was acquired and held for dealing, as shown by the purchaser's intention and the surrounding circumstances. On the facts discussed, gold converted from earlier investments and held for nearly four years was treated as an investment realisation, so the surplus was capital and not business income. Likewise, shares acquired to secure control of a company, rather than for share trading, retained a capital character even when later sold after the control attempt failed. The governing test is the intention at acquisition, read with the whole course of conduct. Case-Laws Income Tax Mon, 01 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6192