https://www.taxtmi.com/caselaws?id=193325 Profits from a single adventure in the nature of trade were held assessable in the relevant previous years as they accrued, even though the entire venture had not ended. The Court held that the governing income provisions do not require postponement of assessment until every plot is sold, particularly where the cost of the land has already been recovered and the profits are capable of ascertainment from the years in which the plots were sold. Authorities suggesting otherwise were distinguished as fact-specific and not laying down an absolute rule. The assessment was therefore permissible before completion of the whole transaction, and the result favoured the assessee. en-us Mon, 15 Jan 1962 00:00:00 +0530 Mon, 24 Jul 2017 17:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193325 Profits from a single adventure in the nature of trade were held assessable in the relevant previous years as they accrued, even though the entire venture had not ended. The Court held that the governing income provisions do not require postponement of assessment until every plot is sold, particularly where the cost of the land has already been recovered and the profits are capable of ascertainment from the years in which the plots were sold. Authorities suggesting otherwise were distinguished as fact-specific and not laying down an absolute rule. The assessment was therefore permissible before completion of the whole transaction, and the result favoured the assessee. Case-Laws Income Tax Mon, 15 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193325