https://www.taxtmi.com/caselaws?id=49300 The court held that the profit from the sale of the jute press was not taxable as business income as the transaction was deemed an isolated venture and not part of the appellant's usual business activities. The court emphasized that the mere expectation of profit does not automatically classify a transaction as an adventure in the nature of trade. The appeal was allowed, costs were awarded to the appellant, and it was concluded that the profit was not subject to taxation under the Indian Income-tax Act. en-us Wed, 31 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49300 The court held that the profit from the sale of the jute press was not taxable as business income as the transaction was deemed an isolated venture and not part of the appellant's usual business activities. The court emphasized that the mere expectation of profit does not automatically classify a transaction as an adventure in the nature of trade. The appeal was allowed, costs were awarded to the appellant, and it was concluded that the profit was not subject to taxation under the Indian Income-tax Act. Case-Laws Income Tax Wed, 31 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49300