https://www.taxtmi.com/caselaws?id=29479 Surplus from a pre-arranged transaction was held taxable as business income because the structure was designed to realise profit rather than produce a mere capital accretion. The court also stated that an isolated transaction can still amount to an adventure in the nature of trade where it has the essential features of a trading venture and the dominant intention is profit-making. The assessee's control over the companies, the prior guarantee, and the manner in which the liability was dealt with supported that characterisation, so both reference questions were answered against the assessee. en-us Fri, 29 May 1981 00:00:00 +0530 Sat, 13 Mar 2010 12:11:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29479 Surplus from a pre-arranged transaction was held taxable as business income because the structure was designed to realise profit rather than produce a mere capital accretion. The court also stated that an isolated transaction can still amount to an adventure in the nature of trade where it has the essential features of a trading venture and the dominant intention is profit-making. The assessee's control over the companies, the prior guarantee, and the manner in which the liability was dealt with supported that characterisation, so both reference questions were answered against the assessee. Case-Laws Income Tax Fri, 29 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29479