https://www.taxtmi.com/caselaws?id=6808 Whether transactions in inherited gold bars constituted business or an adventure in the nature of trade under section 2(4) of the Income-tax Act turned on motive, connection to existing trade, nature and repetition of dealings, and post inheritance conduct; revenue failed to prove a profit motive or trade connection and the dealings were held to be investments, not trading. Consequently, the asserted receipt of Rs. 1,20,759 was not taxable as business income under the Act. The alternate question whether cost should be predecessor's purchase price or 1943 market value was unnecessary once transactions were characterised as investments. en-us Thu, 16 Feb 1967 00:00:00 +0530 Mon, 02 Feb 2009 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6808 Whether transactions in inherited gold bars constituted business or an adventure in the nature of trade under section 2(4) of the Income-tax Act turned on motive, connection to existing trade, nature and repetition of dealings, and post inheritance conduct; revenue failed to prove a profit motive or trade connection and the dealings were held to be investments, not trading. Consequently, the asserted receipt of Rs. 1,20,759 was not taxable as business income under the Act. The alternate question whether cost should be predecessor's purchase price or 1943 market value was unnecessary once transactions were characterised as investments. Case-Laws Income Tax Thu, 16 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6808