https://www.taxtmi.com/caselaws?id=9242 The High Court held that the sum of Rs. 19,485 was legally taxable as it stemmed from an adventure in the nature of trade, making it taxable as business income under section 2(13) of the Income-tax Act, 1961. The court found that the forward sales of shares by the assessee were motivated by profit and not for investment purposes, leading to the inclusion of the profit in the assessment. The court dismissed the argument that the transaction was non-recurring and casual, emphasizing that even isolated transactions could be adventures in the nature of trade if they involved speculative elements. en-us Mon, 17 Dec 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9242 The High Court held that the sum of Rs. 19,485 was legally taxable as it stemmed from an adventure in the nature of trade, making it taxable as business income under section 2(13) of the Income-tax Act, 1961. The court found that the forward sales of shares by the assessee were motivated by profit and not for investment purposes, leading to the inclusion of the profit in the assessment. The court dismissed the argument that the transaction was non-recurring and casual, emphasizing that even isolated transactions could be adventures in the nature of trade if they involved speculative elements. Case-Laws Income Tax Mon, 17 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9242