https://www.taxtmi.com/caselaws?id=288981 A single isolated purchase and enforcement of a decree may still amount to an adventure in the nature of trade if the surrounding facts show a profit-making venture. The court treated the nature, scale, purpose and method of the transaction, together with the absence of use or enjoyment and the absence of a regular return, as relevant indicators. On the facts found, the surplus realised from the decree transaction was taxable as business income and not exempt as a casual and non-recurring receipt under Section 4(3)(vii) of the Income-tax Act, 1922. en-us Thu, 20 Jan 1955 00:00:00 +0530 Wed, 08 Jul 2020 17:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288981 A single isolated purchase and enforcement of a decree may still amount to an adventure in the nature of trade if the surrounding facts show a profit-making venture. The court treated the nature, scale, purpose and method of the transaction, together with the absence of use or enjoyment and the absence of a regular return, as relevant indicators. On the facts found, the surplus realised from the decree transaction was taxable as business income and not exempt as a casual and non-recurring receipt under Section 4(3)(vii) of the Income-tax Act, 1922. Case-Laws Income Tax Thu, 20 Jan 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288981