https://www.taxtmi.com/caselaws?id=37380 Repeated land purchases and sales at short intervals supported a finding that the plots were acquired with a profit motive, so the surplus was treated as income from an adventure in the nature of trade and taxed as revenue receipt. The court applied the cumulative effect of all relevant facts and circumstances, including frequency of dealings, the nature of the transactions, and the assessee's conduct. Once the surplus was characterised as revenue income, the alternative plea to substitute the market value at the date of conversion for the purchase cost was rejected because it assumed a non-trading transaction. en-us Wed, 07 Feb 1979 00:00:00 +0530 Mon, 29 Mar 2010 13:13:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37380 Repeated land purchases and sales at short intervals supported a finding that the plots were acquired with a profit motive, so the surplus was treated as income from an adventure in the nature of trade and taxed as revenue receipt. The court applied the cumulative effect of all relevant facts and circumstances, including frequency of dealings, the nature of the transactions, and the assessee's conduct. Once the surplus was characterised as revenue income, the alternative plea to substitute the market value at the date of conversion for the purchase cost was rejected because it assumed a non-trading transaction. Case-Laws Income Tax Wed, 07 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37380