https://www.taxtmi.com/caselaws?id=276354 An isolated purchase was held not to constitute an adventure in the nature of trade where it was not shown to form part of the assessee's business activity. Mere plantation interests and the use of borrowed funds were insufficient to establish a trading intention at the time of acquisition. The subsequent conduct, including working the estate for several years and applying the income to discharge the bank loan, negatived any intention to resell for profit. The later transfer to a company controlled by the owners was treated as a change in the mode of enjoyment of the property, not a commercial sale generating taxable profit. The amount was therefore not assessable as trading profit. en-us Tue, 03 Oct 1961 00:00:00 +0530 Thu, 08 Nov 2018 10:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276354 An isolated purchase was held not to constitute an adventure in the nature of trade where it was not shown to form part of the assessee's business activity. Mere plantation interests and the use of borrowed funds were insufficient to establish a trading intention at the time of acquisition. The subsequent conduct, including working the estate for several years and applying the income to discharge the bank loan, negatived any intention to resell for profit. The later transfer to a company controlled by the owners was treated as a change in the mode of enjoyment of the property, not a commercial sale generating taxable profit. The amount was therefore not assessable as trading profit. Case-Laws Income Tax Tue, 03 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276354