https://www.taxtmi.com/caselaws?id=28248 The court ruled in favor of the tax authorities, determining that the surplus income from the sale of building sites by the assessees was assessable as income from business rather than as capital gains. The court considered the activities of the assessees in purchasing, converting, developing, and selling lands as building sites to constitute an adventure in the nature of trade, indicating an intention to trade in lands for profit rather than holding them as long-term investments. As a result, the income was classified as business income subject to taxation. en-us Fri, 18 Nov 1983 00:00:00 +0530 Sat, 20 Feb 2010 10:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28248 The court ruled in favor of the tax authorities, determining that the surplus income from the sale of building sites by the assessees was assessable as income from business rather than as capital gains. The court considered the activities of the assessees in purchasing, converting, developing, and selling lands as building sites to constitute an adventure in the nature of trade, indicating an intention to trade in lands for profit rather than holding them as long-term investments. As a result, the income was classified as business income subject to taxation. Case-Laws Income Tax Fri, 18 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28248