https://www.taxtmi.com/caselaws?id=57569 Compensation received for cancellation of a land-purchase agreement was taxable as revenue income because the surrounding dealings, the agreement's development-oriented terms, and the assessee's recurring land activity showed an adventure in the nature of trade rather than a passive investment in agricultural land. The payment arose from relinquishment of contractual rights in the ordinary course of business and had no nexus with a capital asset or capital apparatus, so it could not be treated as capital receipt or capital gain. The appellate relief was reversed and the revenue's appeal succeeded. en-us Mon, 18 Oct 1993 00:00:00 +0530 Fri, 10 Dec 2010 18:12:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57569 Compensation received for cancellation of a land-purchase agreement was taxable as revenue income because the surrounding dealings, the agreement's development-oriented terms, and the assessee's recurring land activity showed an adventure in the nature of trade rather than a passive investment in agricultural land. The payment arose from relinquishment of contractual rights in the ordinary course of business and had no nexus with a capital asset or capital apparatus, so it could not be treated as capital receipt or capital gain. The appellate relief was reversed and the revenue's appeal succeeded. Case-Laws Income Tax Mon, 18 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57569