https://www.taxtmi.com/caselaws?id=6661 Compulsory acquisition of leasehold interest was held not to produce a revenue receipt where the asset, on the facts, had become a capital asset in the assessee's hands. The court treated the character of the property as dependent on the specific facts relating to that asset, not on the assessee's general business in lands. It found no sufficient material that the asset had been converted into stock-in-trade after partition, and book entries alone were insufficient to prove such conversion. The facts also did not establish an adventure in the nature of trade, so the realization was not taxable as business income. en-us Wed, 20 Oct 1965 00:00:00 +0530 Sat, 31 Jan 2009 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6661 Compulsory acquisition of leasehold interest was held not to produce a revenue receipt where the asset, on the facts, had become a capital asset in the assessee's hands. The court treated the character of the property as dependent on the specific facts relating to that asset, not on the assessee's general business in lands. It found no sufficient material that the asset had been converted into stock-in-trade after partition, and book entries alone were insufficient to prove such conversion. The facts also did not establish an adventure in the nature of trade, so the realization was not taxable as business income. Case-Laws Income Tax Wed, 20 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6661