https://www.taxtmi.com/caselaws?id=26117 The court determined that the purchase and subsequent sales of land constituted an adventure in the nature of trade due to the quick resale for profit and indications of a trading purpose. Additionally, the court held that the individuals involved formed an association of persons based on their joint purchase and sale activities, leading to the assessment of profits in their hands. en-us Thu, 28 Feb 1985 00:00:00 +0530 Wed, 03 Feb 2010 09:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26117 The court determined that the purchase and subsequent sales of land constituted an adventure in the nature of trade due to the quick resale for profit and indications of a trading purpose. Additionally, the court held that the individuals involved formed an association of persons based on their joint purchase and sale activities, leading to the assessment of profits in their hands. Case-Laws Income Tax Thu, 28 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26117