https://www.taxtmi.com/caselaws?id=28744 The High Court determined that the surplus from the land sale should be treated as capital gains rather than income from an adventure in the nature of trade. The Court considered the company's original intent, financial difficulties, and timing of events surrounding the land sale. It concluded that the sale was to discharge debts, not part of a trade venture. Therefore, the High Court affirmed the Tribunal's decision, ruling in favor of treating the surplus as capital gains and awarding costs to the Revenue and counsel's fee. en-us Tue, 22 Jun 1982 00:00:00 +0530 Thu, 25 Feb 2010 13:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28744 The High Court determined that the surplus from the land sale should be treated as capital gains rather than income from an adventure in the nature of trade. The Court considered the company's original intent, financial difficulties, and timing of events surrounding the land sale. It concluded that the sale was to discharge debts, not part of a trade venture. Therefore, the High Court affirmed the Tribunal's decision, ruling in favor of treating the surplus as capital gains and awarding costs to the Revenue and counsel's fee. Case-Laws Income Tax Tue, 22 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28744