https://www.taxtmi.com/caselaws?id=49501 Acquisition of land with a view to resale after development can constitute a business venture where the surrounding circumstances show a profit-making transaction. Dividing land into plots, developing it to enhance marketability, and selling it in parcels supports treatment of the land as stock-in-trade rather than a mere capital asset. On those facts, the receipts from sale of plots were properly assessed as business income and included in taxable income. A deduction provision intended for expenditure on works of public welfare did not apply to such business receipts. en-us Tue, 07 Mar 1961 00:00:00 +0530 Sat, 30 Aug 2014 20:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49501 Acquisition of land with a view to resale after development can constitute a business venture where the surrounding circumstances show a profit-making transaction. Dividing land into plots, developing it to enhance marketability, and selling it in parcels supports treatment of the land as stock-in-trade rather than a mere capital asset. On those facts, the receipts from sale of plots were properly assessed as business income and included in taxable income. A deduction provision intended for expenditure on works of public welfare did not apply to such business receipts. Case-Laws Income Tax Tue, 07 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49501