https://www.taxtmi.com/caselaws?id=191746 For a newly set up grain business, the previous year could be treated as ending on 31 March 1947 where no statutory option to adopt another accounting period was shown to have been exercised; mere production of accounts for a longer period was insufficient. Profit from molasses permits was treated as taxable business income because the deliberate purchase and immediate resale of valuable permits for profit amounted to an adventure in the nature of trade. The casual and non-recurring receipt exemption did not apply to a receipt arising from business activity, even if the transaction was isolated. Both issues were resolved in favour of the Revenue. en-us Mon, 15 Nov 1954 00:00:00 +0530 Sat, 22 Feb 2025 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191746 For a newly set up grain business, the previous year could be treated as ending on 31 March 1947 where no statutory option to adopt another accounting period was shown to have been exercised; mere production of accounts for a longer period was insufficient. Profit from molasses permits was treated as taxable business income because the deliberate purchase and immediate resale of valuable permits for profit amounted to an adventure in the nature of trade. The casual and non-recurring receipt exemption did not apply to a receipt arising from business activity, even if the transaction was isolated. Both issues were resolved in favour of the Revenue. Case-Laws Income Tax Mon, 15 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191746