https://www.taxtmi.com/caselaws?id=6727 Income of a wife from a money-lending business was held includible in the assessee's assessment, while income from agricultural lands was treated as not taxable as business income. Profit on sale of the Kandal and Bishopdown properties was not brought to tax as income from trade or an adventure in the nature of trade, because habitual buying and selling alone was insufficient; the transactions had to be shown on the relevant material to be trading transactions. The reference was answered partly against the assessee and partly in his favour, with no tax liability on the disputed property-sale profit. en-us Tue, 09 Aug 1966 00:00:00 +0530 Sun, 01 Feb 2009 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6727 Income of a wife from a money-lending business was held includible in the assessee's assessment, while income from agricultural lands was treated as not taxable as business income. Profit on sale of the Kandal and Bishopdown properties was not brought to tax as income from trade or an adventure in the nature of trade, because habitual buying and selling alone was insufficient; the transactions had to be shown on the relevant material to be trading transactions. The reference was answered partly against the assessee and partly in his favour, with no tax liability on the disputed property-sale profit. Case-Laws Income Tax Tue, 09 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6727