https://www.taxtmi.com/caselaws?id=290206 Land dealings are taxed as trading adventures only where the intention at purchase and surrounding conduct show an object of resale at a profit. On the first purchase, the land was acquired before acquisition notification, held for agricultural use, and sold without evidence of a speculative plan; the profits were treated as casual and non-recurring and not assessable. On the second purchase, acquisition after notification, plotting, advertising, and sale method showed a trading venture; the profits were taxable and not exempt. Separate ownership shares and separate receipt of sale proceeds also meant joint assessment as an unregistered firm was unjustified, so the parties had to be assessed separately. en-us Tue, 07 Mar 1944 00:00:00 +0630 Mon, 14 Sep 2020 13:45:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290206 Land dealings are taxed as trading adventures only where the intention at purchase and surrounding conduct show an object of resale at a profit. On the first purchase, the land was acquired before acquisition notification, held for agricultural use, and sold without evidence of a speculative plan; the profits were treated as casual and non-recurring and not assessable. On the second purchase, acquisition after notification, plotting, advertising, and sale method showed a trading venture; the profits were taxable and not exempt. Separate ownership shares and separate receipt of sale proceeds also meant joint assessment as an unregistered firm was unjustified, so the parties had to be assessed separately. Case-Laws Income Tax Tue, 07 Mar 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=290206