https://www.taxtmi.com/caselaws?id=191395 Land acquired, developed into house sites and sold under a coordinated profit-making scheme was treated as an adventure in the nature of trade, so the sale proceeds were taxable as business income. The Court applied the test of intention at acquisition and held that profit-making and village improvement were not mutually inconsistent; the finding of a profit-oriented scheme was one of fact supported by evidence. As to the public welfare expenditure claim, only the amount actually borne by the assessee on the integrated development scheme was deductible. Sale realisations had to be taken into account, and the gross expenditure could not be deducted without set-off. Both questions were answered against the assessee. en-us Fri, 08 Feb 1957 00:00:00 +0530 Sat, 01 Apr 2017 15:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191395 Land acquired, developed into house sites and sold under a coordinated profit-making scheme was treated as an adventure in the nature of trade, so the sale proceeds were taxable as business income. The Court applied the test of intention at acquisition and held that profit-making and village improvement were not mutually inconsistent; the finding of a profit-oriented scheme was one of fact supported by evidence. As to the public welfare expenditure claim, only the amount actually borne by the assessee on the integrated development scheme was deductible. Sale realisations had to be taken into account, and the gross expenditure could not be deducted without set-off. Both questions were answered against the assessee. Case-Laws Income Tax Fri, 08 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191395