https://www.taxtmi.com/caselaws?id=39040 Surplus from sale of land was held to be capital gain, not business income, because the transaction was an investment and not an adventure in the nature of trade. The court applied the cumulative-facts test, noting that no single factor is conclusive; a purchase of land normally carries a presumption of investment, and an intention to resell for profit does not by itself create trading activity. The revenue failed to prove that the assessee had entered a trading venture, as the land was not acquired as stock-in-trade, there was no pattern of repeated land dealings, and later parcelling and development permission merely enhanced the investment value. en-us Mon, 02 Dec 1974 00:00:00 +0530 Mon, 12 Apr 2010 11:41:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39040 Surplus from sale of land was held to be capital gain, not business income, because the transaction was an investment and not an adventure in the nature of trade. The court applied the cumulative-facts test, noting that no single factor is conclusive; a purchase of land normally carries a presumption of investment, and an intention to resell for profit does not by itself create trading activity. The revenue failed to prove that the assessee had entered a trading venture, as the land was not acquired as stock-in-trade, there was no pattern of repeated land dealings, and later parcelling and development permission merely enhanced the investment value. Case-Laws Income Tax Mon, 02 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39040