https://www.taxtmi.com/caselaws?id=190002 Profits from the sale of gold bars were treated as taxable as an adventure in the nature of trade only if the department established, on the proved facts, a dominant profit-making purpose; on the material recorded, that inference was not compelled and the assessee's explanation of the gold as a store of value and for family use remained plausible. The article also states that where a commercial commodity is held in separable lots, profits on one lot may be computed and assessed without waiting for disposal of the remaining lots, because the whole holding is not necessarily one indivisible transaction. The reference was therefore answered partly for the assessee and partly for the revenue. en-us Fri, 13 Jan 1950 00:00:00 +0530 Tue, 31 Jan 2017 14:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190002 Profits from the sale of gold bars were treated as taxable as an adventure in the nature of trade only if the department established, on the proved facts, a dominant profit-making purpose; on the material recorded, that inference was not compelled and the assessee's explanation of the gold as a store of value and for family use remained plausible. The article also states that where a commercial commodity is held in separable lots, profits on one lot may be computed and assessed without waiting for disposal of the remaining lots, because the whole holding is not necessarily one indivisible transaction. The reference was therefore answered partly for the assessee and partly for the revenue. Case-Laws Income Tax Fri, 13 Jan 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190002