https://www.taxtmi.com/caselaws?id=6766 The court ruled in favor of the assessee, determining that the sums realized from the plot sales were not revenue profits subject to income tax. The court emphasized that merely realizing assets does not necessarily constitute trading, and selling the allotted sites post-partnership dissolution did not inherently indicate a continuation of the partnership's business. The court found no conclusive evidence that the sales were part of the assessee's business activities, ultimately resolving the matter in favor of the assessee and awarding costs for the proceeding. en-us Thu, 08 Sep 1966 00:00:00 +0530 Mon, 02 Feb 2009 09:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6766 The court ruled in favor of the assessee, determining that the sums realized from the plot sales were not revenue profits subject to income tax. The court emphasized that merely realizing assets does not necessarily constitute trading, and selling the allotted sites post-partnership dissolution did not inherently indicate a continuation of the partnership's business. The court found no conclusive evidence that the sales were part of the assessee's business activities, ultimately resolving the matter in favor of the assessee and awarding costs for the proceeding. Case-Laws Income Tax Thu, 08 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6766