https://www.taxtmi.com/caselaws?id=7586 Profit from the sale of land was treated as taxable business income because the character of the transaction depended on the whole course of conduct, surrounding circumstances, and organised commercial dealing, not initial intention at purchase alone. The land was acquired in a business-linked setting, developed into plots, and sold in an organised manner at profit, showing an adventure in the nature of trade. The Tribunal's order was not vitiated by the Members' difference in reasoning on initial intention, because a third Member reference is required only where they are equally divided on the final conclusion; here both agreed the profits were taxable. en-us Wed, 16 Oct 1968 00:00:00 +0530 Mon, 02 Mar 2009 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7586 Profit from the sale of land was treated as taxable business income because the character of the transaction depended on the whole course of conduct, surrounding circumstances, and organised commercial dealing, not initial intention at purchase alone. The land was acquired in a business-linked setting, developed into plots, and sold in an organised manner at profit, showing an adventure in the nature of trade. The Tribunal's order was not vitiated by the Members' difference in reasoning on initial intention, because a third Member reference is required only where they are equally divided on the final conclusion; here both agreed the profits were taxable. Case-Laws Income Tax Wed, 16 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7586