https://www.taxtmi.com/caselaws?id=29256 The court held that the surplus from the sale proceeds of land by the assessee was liable to payment of income-tax. The transactions were deemed to be in the nature of trade or business, as evidenced by the continuous sales over ten years and the intention to resell at a profit. The court concluded that the dominant purpose was to resell the land rather than hold it as an investment, characterizing the transactions as an adventure in the nature of trade. The court distinguished this case from a previous case where the sale was not in line with the assessee's business. en-us Mon, 07 Apr 1980 00:00:00 +0530 Thu, 11 Mar 2010 16:49:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29256 The court held that the surplus from the sale proceeds of land by the assessee was liable to payment of income-tax. The transactions were deemed to be in the nature of trade or business, as evidenced by the continuous sales over ten years and the intention to resell at a profit. The court concluded that the dominant purpose was to resell the land rather than hold it as an investment, characterizing the transactions as an adventure in the nature of trade. The court distinguished this case from a previous case where the sale was not in line with the assessee's business. Case-Laws Income Tax Mon, 07 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29256