https://www.taxtmi.com/caselaws?id=55937 Surplus from the sale of land was treated as capital gains because the facts did not show a genuine business venture or adventure in the nature of trade. Although the assessee relied on book entries, a declaration of conversion, plotting of the land and sale deeds to claim conversion into stock-in-trade, the surrounding circumstances showed a solitary transaction completed in a short span, no real business organisation, and no market-facing trading activity. The evidence was largely self-generated and under the assessee's control, so the alleged conversion did not change the capital character of the asset. en-us Tue, 28 Feb 1989 00:00:00 +0530 Tue, 30 Nov 2010 17:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55937 Surplus from the sale of land was treated as capital gains because the facts did not show a genuine business venture or adventure in the nature of trade. Although the assessee relied on book entries, a declaration of conversion, plotting of the land and sale deeds to claim conversion into stock-in-trade, the surrounding circumstances showed a solitary transaction completed in a short span, no real business organisation, and no market-facing trading activity. The evidence was largely self-generated and under the assessee's control, so the alleged conversion did not change the capital character of the asset. Case-Laws Income Tax Tue, 28 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55937