https://www.taxtmi.com/caselaws?id=288957 A company's surplus from selling immovable property was treated as business income where its memorandum authorised dealing in land and property and its actual conduct showed repeated sales soon after incorporation. Rental receipts and some property income were not decisive, because the classification depended on the totality of circumstances, including the company's objects, the frequency and nature of sales, and whether the transactions were trading activity rather than mere realisation of investments. On those facts, the surplus from the four property sales was assessed as income from business and taxed accordingly. en-us Mon, 14 Aug 1961 00:00:00 +0530 Wed, 08 Jul 2020 10:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288957 A company's surplus from selling immovable property was treated as business income where its memorandum authorised dealing in land and property and its actual conduct showed repeated sales soon after incorporation. Rental receipts and some property income were not decisive, because the classification depended on the totality of circumstances, including the company's objects, the frequency and nature of sales, and whether the transactions were trading activity rather than mere realisation of investments. On those facts, the surplus from the four property sales was assessed as income from business and taxed accordingly. Case-Laws Income Tax Mon, 14 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288957