https://www.taxtmi.com/caselaws?id=24550 The High Court determined that the assessee's transaction of purchasing property and selling it as small housing plots was not an adventure in the nature of trade. The surplus from the sale of plots was held to be taxable as capital gains, not revenue profits, based on the principles established in previous case law. The Court found that there was no evidence to suggest the assessee intended to engage in trading activity, thus ruling in favor of the assessee and against the Department. en-us Wed, 16 Nov 1988 00:00:00 +0530 Wed, 20 Jan 2010 18:14:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24550 The High Court determined that the assessee's transaction of purchasing property and selling it as small housing plots was not an adventure in the nature of trade. The surplus from the sale of plots was held to be taxable as capital gains, not revenue profits, based on the principles established in previous case law. The Court found that there was no evidence to suggest the assessee intended to engage in trading activity, thus ruling in favor of the assessee and against the Department. Case-Laws Income Tax Wed, 16 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24550