https://www.taxtmi.com/caselaws?id=27451 Surplus from the compulsory acquisition of land was not assessable as business income because the transaction was an isolated purchase and the assessee was not shown to be in the business of trading in land. The Tribunal found no improvement, levelling or development for resale, and compulsory acquisition by itself did not show trading conduct. Applying the settled tests for an adventure in the nature of trade, the High Court held that the Department had not discharged the burden of proving trading intention or other trade-like features from the surrounding circumstances, so the surplus was not treated as income from trade. en-us Fri, 11 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 09:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27451 Surplus from the compulsory acquisition of land was not assessable as business income because the transaction was an isolated purchase and the assessee was not shown to be in the business of trading in land. The Tribunal found no improvement, levelling or development for resale, and compulsory acquisition by itself did not show trading conduct. Applying the settled tests for an adventure in the nature of trade, the High Court held that the Department had not discharged the burden of proving trading intention or other trade-like features from the surrounding circumstances, so the surplus was not treated as income from trade. Case-Laws Income Tax Fri, 11 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27451