https://www.taxtmi.com/caselaws?id=34341 Transfer of land is assessed on its overall character and surrounding circumstances, and a profitable sale or conversion of land use does not by itself establish an adventure in the nature of trade. On the facts, the agreement to purchase, steps taken for conversion, and later agreement to sell did not trading intention sufficient to treat the receipt as business income, so it was correctly assessed as capital gains. The income was also held assessable in the hands of the beneficiaries rather than an association of persons, as no legal error or perversity was shown in the concurrent findings. en-us Wed, 18 Mar 2009 00:00:00 +0530 Wed, 19 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34341 Transfer of land is assessed on its overall character and surrounding circumstances, and a profitable sale or conversion of land use does not by itself establish an adventure in the nature of trade. On the facts, the agreement to purchase, steps taken for conversion, and later agreement to sell did not trading intention sufficient to treat the receipt as business income, so it was correctly assessed as capital gains. The income was also held assessable in the hands of the beneficiaries rather than an association of persons, as no legal error or perversity was shown in the concurrent findings. Case-Laws Income Tax Wed, 18 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34341