https://www.taxtmi.com/caselaws?id=49300 A surplus from sale of a jute press and appurtenant property was held not taxable as business income because the transaction was not an adventure in the nature of trade. Applying section 10 of the Indian Income-tax Act, 1922, read with the definition of "business", the SC treated the inquiry as one of mixed law and fact and required the revenue to show trade-like indicia from the whole factual setting. An isolated purchase and resale, even with profit motive or expectation of gain, was insufficient. On the facts, the property was not part of the regular business and no trading venture was established. 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 A surplus from sale of a jute press and appurtenant property was held not taxable as business income because the transaction was not an adventure in the nature of trade. Applying section 10 of the Indian Income-tax Act, 1922, read with the definition of "business", the SC treated the inquiry as one of mixed law and fact and required the revenue to show trade-like indicia from the whole factual setting. An isolated purchase and resale, even with profit motive or expectation of gain, was insufficient. On the facts, the property was not part of the regular business and no trading venture was established. Case-Laws Income Tax Wed, 31 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49300