https://www.taxtmi.com/caselaws?id=35877 The High Court of Delhi ruled that the surplus realized by the assessee-company was taxable income arising from an adventure in the nature of trade. The judgment highlighted the company's profit motive, the location of the land, the quick succession of transactions, and the absence of a sale deed as factors supporting this decision. Considering these circumstances collectively, the court favored the revenue in concluding that the surplus amount was subject to taxation under the Income Tax Act, without imposing costs due to the company being in liquidation. en-us Thu, 08 Jan 1981 00:00:00 +0530 Wed, 17 Mar 2010 15:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35877 The High Court of Delhi ruled that the surplus realized by the assessee-company was taxable income arising from an adventure in the nature of trade. The judgment highlighted the company's profit motive, the location of the land, the quick succession of transactions, and the absence of a sale deed as factors supporting this decision. Considering these circumstances collectively, the court favored the revenue in concluding that the surplus amount was subject to taxation under the Income Tax Act, without imposing costs due to the company being in liquidation. Case-Laws Income Tax Thu, 08 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35877