https://www.taxtmi.com/caselaws?id=61119 An auction allottee was treated as owner from the auction date where the governing scheme made the sale effective from that date and the later amendment did not disturb completed transactions; the holding period therefore ran from the auction date and the gain on sale was long-term capital gain. The Revenue also failed to show that the isolated purchase and sale amounted to a trading venture, because the surrounding facts indicated investment intent, instalment payments, construction activity, and no evidence of stock-in-trade treatment. The sale was therefore not an adventure in the nature of trade, and the resulting gain remained taxable as long-term capital gain. en-us Fri, 29 Feb 1980 00:00:00 +0530 Tue, 11 Jan 2011 10:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61119 An auction allottee was treated as owner from the auction date where the governing scheme made the sale effective from that date and the later amendment did not disturb completed transactions; the holding period therefore ran from the auction date and the gain on sale was long-term capital gain. The Revenue also failed to show that the isolated purchase and sale amounted to a trading venture, because the surrounding facts indicated investment intent, instalment payments, construction activity, and no evidence of stock-in-trade treatment. The sale was therefore not an adventure in the nature of trade, and the resulting gain remained taxable as long-term capital gain. Case-Laws Income Tax Fri, 29 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61119