https://www.taxtmi.com/caselaws?id=7574 Purchase and resale of agricultural plots will be treated as an adventure in the nature of trade only if, on the totality of circumstances, the revenue proves that the land was acquired at inception with a trading intention. Here, the assessee was an agriculturist who cultivated the lands, held them for years, mutated them in revenue records, and sold only to meet heavy liabilities. The revenue's reliance on alleged acquisition knowledge, borrowed funds, purchase price, and later building-site value was unsupported by evidence. The surplus was therefore held to arise from investment disposal, not business activity, and was not taxable as business profit. en-us Fri, 08 Aug 1969 00:00:00 +0530 Mon, 02 Mar 2009 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7574 Purchase and resale of agricultural plots will be treated as an adventure in the nature of trade only if, on the totality of circumstances, the revenue proves that the land was acquired at inception with a trading intention. Here, the assessee was an agriculturist who cultivated the lands, held them for years, mutated them in revenue records, and sold only to meet heavy liabilities. The revenue's reliance on alleged acquisition knowledge, borrowed funds, purchase price, and later building-site value was unsupported by evidence. The surplus was therefore held to arise from investment disposal, not business activity, and was not taxable as business profit. Case-Laws Income Tax Fri, 08 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7574