https://www.taxtmi.com/caselaws?id=10062 A transfer of immovable property is not an adventure in the nature of trade merely because the consideration is structured through a development agreement. The decisive test is the totality of surrounding circumstances, including whether the owner retained title, whether the land was converted into stock-in-trade, and whether the conduct showed a trading venture. On the stated facts, the assessee had acquired the land long before the transaction, retained ownership, and received a fixed consideration linked only to the development process. Those facts did not justify treatment of the receipt as business income. en-us Thu, 14 Oct 2004 00:00:00 +0530 Mon, 06 Jul 2009 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10062 A transfer of immovable property is not an adventure in the nature of trade merely because the consideration is structured through a development agreement. The decisive test is the totality of surrounding circumstances, including whether the owner retained title, whether the land was converted into stock-in-trade, and whether the conduct showed a trading venture. On the stated facts, the assessee had acquired the land long before the transaction, retained ownership, and received a fixed consideration linked only to the development process. Those facts did not justify treatment of the receipt as business income. Case-Laws Income Tax Thu, 14 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10062