https://www.taxtmi.com/caselaws?id=277164 Profit from the purchase and sale of lands was treated as income from an adventure in the nature of trade where the surrounding facts showed a profit-making scheme rather than investment. The Tribunal relied on the purchase of adjoining lands, the absence of any use of the property by the assessee, the sale to the mills, and the finding that the lands were acquired with an intention of resale at a profit. Even in an isolated transaction, a purchase made with a view to resale is a relevant factor, though not conclusive by itself; the overall character of the transaction must be judged from all proved facts. On those facts, the profit was held taxable. en-us Mon, 18 Apr 1955 00:00:00 +0530 Tue, 27 Nov 2018 15:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277164 Profit from the purchase and sale of lands was treated as income from an adventure in the nature of trade where the surrounding facts showed a profit-making scheme rather than investment. The Tribunal relied on the purchase of adjoining lands, the absence of any use of the property by the assessee, the sale to the mills, and the finding that the lands were acquired with an intention of resale at a profit. Even in an isolated transaction, a purchase made with a view to resale is a relevant factor, though not conclusive by itself; the overall character of the transaction must be judged from all proved facts. On those facts, the profit was held taxable. Case-Laws Income Tax Mon, 18 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277164