https://www.taxtmi.com/caselaws?id=39676 Surplus from the acquisition and realisation of actionable claims may be treated as taxable income where the transaction, on the totality of the circumstances, has the character of an adventure in the nature of trade. The relevant inquiry under the business definition in the Indian Income-tax Act, 1922 is whether an isolated or unusual transaction bears the essential features of a trading venture and was entered into with an expectation of profit. The absence of the taxpayer's ordinary business in actionable claims is not decisive if the surrounding facts, including lack of business necessity and prompt realisation, point to a profit-making venture. en-us Thu, 29 Nov 1973 00:00:00 +0530 Mon, 19 Apr 2010 16:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39676 Surplus from the acquisition and realisation of actionable claims may be treated as taxable income where the transaction, on the totality of the circumstances, has the character of an adventure in the nature of trade. The relevant inquiry under the business definition in the Indian Income-tax Act, 1922 is whether an isolated or unusual transaction bears the essential features of a trading venture and was entered into with an expectation of profit. The absence of the taxpayer's ordinary business in actionable claims is not decisive if the surrounding facts, including lack of business necessity and prompt realisation, point to a profit-making venture. Case-Laws Income Tax Thu, 29 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39676