https://www.taxtmi.com/caselaws?id=23041 The High Court of BOMBAY ruled in a case concerning the purchase and sale of National Defence Gold Bonds, 1980. The Court held that the transaction did not amount to an adventure in the nature of trade. Despite making a profit from the sale of the bonds, the Court found that the Department failed to establish that the transaction was conducted with the sole motive of quick profit, as the bonds were held for several months before being sold. As such, the Court ruled in favor of the assessee, concluding that the transaction did not constitute an adventure in the nature of trade. en-us Mon, 09 Jul 1990 00:00:00 +0530 Wed, 16 Dec 2009 12:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23041 The High Court of BOMBAY ruled in a case concerning the purchase and sale of National Defence Gold Bonds, 1980. The Court held that the transaction did not amount to an adventure in the nature of trade. Despite making a profit from the sale of the bonds, the Court found that the Department failed to establish that the transaction was conducted with the sole motive of quick profit, as the bonds were held for several months before being sold. As such, the Court ruled in favor of the assessee, concluding that the transaction did not constitute an adventure in the nature of trade. Case-Laws Income Tax Mon, 09 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23041