https://www.taxtmi.com/caselaws?id=277164 Whether the profit was income from an adventure in the nature of trade or a capital gain turned on a fact-specific multi factor inquiry; the court applied principles weighing intention to resell, absence of holding for investment, nature and use of the property, connection to business operations, and corroborative facts. Relevant factual findings included a benami purchase, piece meal acquisition of contiguous plots adjoining the mill, negligible income from the lands, no development activity, and evidence the purchaser acted to realise a sale to the mill. Those factors furnished sufficient material to treat the profit as taxable income from an adventure in the nature of trade, and the Tribunal's conclusion was affirmed by the HC. 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 Whether the profit was income from an adventure in the nature of trade or a capital gain turned on a fact-specific multi factor inquiry; the court applied principles weighing intention to resell, absence of holding for investment, nature and use of the property, connection to business operations, and corroborative facts. Relevant factual findings included a benami purchase, piece meal acquisition of contiguous plots adjoining the mill, negligible income from the lands, no development activity, and evidence the purchaser acted to realise a sale to the mill. Those factors furnished sufficient material to treat the profit as taxable income from an adventure in the nature of trade, and the Tribunal's conclusion was affirmed by the HC. Case-Laws Income Tax Mon, 18 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277164