https://www.taxtmi.com/caselaws?id=292708 An isolated purchase and resale of gold was treated as an adventure in the nature of trade because the decisive test was the object of acquisition. The Court held that repetition, continuity, or further processing was not necessary where the commodity was bought solely for resale at a profit rather than as a capital investment or for personal use. On the facts, the assessee used interest-bearing funds to buy a large quantity of gold with the sole intention of later sale at a profit, bringing the transaction within business activity. The profit was therefore assessable as business income and not exempt as a casual receipt. en-us Mon, 06 Dec 1943 00:00:00 +0630 Tue, 05 Jan 2021 16:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292708 An isolated purchase and resale of gold was treated as an adventure in the nature of trade because the decisive test was the object of acquisition. The Court held that repetition, continuity, or further processing was not necessary where the commodity was bought solely for resale at a profit rather than as a capital investment or for personal use. On the facts, the assessee used interest-bearing funds to buy a large quantity of gold with the sole intention of later sale at a profit, bringing the transaction within business activity. The profit was therefore assessable as business income and not exempt as a casual receipt. Case-Laws Income Tax Mon, 06 Dec 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=292708