https://www.taxtmi.com/caselaws?id=38172 A solitary purchase of land followed by the later sale of only a small portion was not treated as an adventure in the nature of trade. The assessee was not in the business of dealing in land, and the connected partnership carried on a different line of business. Mere profit motive at the time of purchase, without supporting circumstances showing an intention to trade, was insufficient to characterise the transaction as business activity. The resulting addition was therefore not justified, and the issue was answered in favour of the assessee. en-us Fri, 31 Mar 1978 00:00:00 +0530 Sat, 03 Apr 2010 15:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38172 A solitary purchase of land followed by the later sale of only a small portion was not treated as an adventure in the nature of trade. The assessee was not in the business of dealing in land, and the connected partnership carried on a different line of business. Mere profit motive at the time of purchase, without supporting circumstances showing an intention to trade, was insufficient to characterise the transaction as business activity. The resulting addition was therefore not justified, and the issue was answered in favour of the assessee. Case-Laws Income Tax Fri, 31 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38172