https://www.taxtmi.com/caselaws?id=276666 Where a purchaser ordinarily engaged in a different trade acquired a jute press and, judged by the purchaser's usual business, the nature of what was taken, the purchaser's conduct and subsequent acts to make the property readily saleable, and the surrounding circumstances, the surplus on sale was held to be an adventure in the nature of trade and assessable as business income. The court applied established tests-ordinary business of purchaser, initial intention to resell, nature and quantity of commodity, acts to render saleable, absence of operating intent and prompt sale-to uphold the Tribunal in favour of the Revenue. en-us Mon, 10 Sep 1962 00:00:00 +0530 Thu, 15 Nov 2018 15:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276666 Where a purchaser ordinarily engaged in a different trade acquired a jute press and, judged by the purchaser's usual business, the nature of what was taken, the purchaser's conduct and subsequent acts to make the property readily saleable, and the surrounding circumstances, the surplus on sale was held to be an adventure in the nature of trade and assessable as business income. The court applied established tests-ordinary business of purchaser, initial intention to resell, nature and quantity of commodity, acts to render saleable, absence of operating intent and prompt sale-to uphold the Tribunal in favour of the Revenue. Case-Laws Income Tax Mon, 10 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276666