https://www.taxtmi.com/caselaws?id=36446 The High Court held that the land, initially agricultural, sold as plots for building purposes constituted an adventure in the nature of trade. The surplus amounts realized from the sale of plots were deemed taxable as business income, not a return of capital investment. The Court emphasized the intention behind the purchase and subsequent sale of the land, indicating a business venture rather than a mere capital transaction. Therefore, the income from the sales was assessable to tax under the Income-tax Act, 1961. en-us Tue, 15 Jan 1980 00:00:00 +0530 Mon, 22 Mar 2010 13:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36446 The High Court held that the land, initially agricultural, sold as plots for building purposes constituted an adventure in the nature of trade. The surplus amounts realized from the sale of plots were deemed taxable as business income, not a return of capital investment. The Court emphasized the intention behind the purchase and subsequent sale of the land, indicating a business venture rather than a mere capital transaction. Therefore, the income from the sales was assessable to tax under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 15 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36446