https://www.taxtmi.com/caselaws?id=39123 A solitary purchase and adjustment of an evacuee compensation claim was held not to constitute an adventure in the nature of trade, because the assessee's earlier business in such claims had long closed and the transaction was isolated, unrepeatable and ultimately used to acquire a house. The surrounding facts disclosed no trading character or profit-making scheme, and the Tribunal's factual finding was supported by the record. The resulting surplus was therefore treated as a casual, non-recurring receipt and not taxable as business profit. en-us Mon, 03 Feb 1975 00:00:00 +0530 Tue, 13 Apr 2010 10:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39123 A solitary purchase and adjustment of an evacuee compensation claim was held not to constitute an adventure in the nature of trade, because the assessee's earlier business in such claims had long closed and the transaction was isolated, unrepeatable and ultimately used to acquire a house. The surrounding facts disclosed no trading character or profit-making scheme, and the Tribunal's factual finding was supported by the record. The resulting surplus was therefore treated as a casual, non-recurring receipt and not taxable as business profit. Case-Laws Income Tax Mon, 03 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39123