https://www.taxtmi.com/caselaws?id=14979 The High Court of Delhi dismissed the application under section 256(2) of the Income-tax Act, 1961, where the Revenue sought a direction to refer a question regarding the nature of a transaction for the assessment year 1992-93. The court found that the proposed question was not fit for reference as determining whether a transaction constitutes an adventure in the nature of trade involves a mixed question of law and fact. The Tribunal's decision that the transaction did not amount to an adventure in the nature of trade was upheld based on factors such as the assessee's intention and specific circumstances, leading to the dismissal of the petition seeking reference to the High Court. en-us Thu, 15 Jul 1999 00:00:00 +0530 Mon, 27 Jul 2009 13:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14979 The High Court of Delhi dismissed the application under section 256(2) of the Income-tax Act, 1961, where the Revenue sought a direction to refer a question regarding the nature of a transaction for the assessment year 1992-93. The court found that the proposed question was not fit for reference as determining whether a transaction constitutes an adventure in the nature of trade involves a mixed question of law and fact. The Tribunal's decision that the transaction did not amount to an adventure in the nature of trade was upheld based on factors such as the assessee's intention and specific circumstances, leading to the dismissal of the petition seeking reference to the High Court. Case-Laws Income Tax Thu, 15 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14979