1986 (6) TMI 95

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Additional Collector under the Land Acquisition Act. As a result of this acquisition, the assessee was given compensation. According to the ITO the purchase by the assessee was not with the intention of retaining the property but it was done with a view to make a sizeable profit on the acquisition, and therefore, attracted tax liability as income from business or profession. He, accordingly, b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nture and trade and, therefore, the profit should be taxed as income from business. Some authorities were cited for the proposition that a single transaction may be an adventure in the nature of trade and constitute a business. To our mind, this argument has little force. It is not the department's case that it was the business of the assessee to purchase and sale properties for profit. The basic ....