https://www.taxtmi.com/caselaws?id=8658 A receipt from settlement of a disputed property claim is taxable as business income only if the revenue proves the transaction has the essential characteristics of trade and amounts to an adventure in the nature of trade. A mere profit motive is insufficient, and the transaction must be shown to be a normal trading transaction or otherwise connected with business activity such as money-lending. On the facts noted, the revenue did not discharge that burden, so the receipt was not taxable as business income under the Indian Income-tax Act, 1922. en-us Thu, 29 Jul 1971 00:00:00 +0530 Wed, 20 May 2009 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8658 A receipt from settlement of a disputed property claim is taxable as business income only if the revenue proves the transaction has the essential characteristics of trade and amounts to an adventure in the nature of trade. A mere profit motive is insufficient, and the transaction must be shown to be a normal trading transaction or otherwise connected with business activity such as money-lending. On the facts noted, the revenue did not discharge that burden, so the receipt was not taxable as business income under the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 29 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8658