1996 (9) TMI 92

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....the Revenue, the following question has been referred by the Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal is correct in fact and in law in holding that the assessee's income from commission, amounting to Rs. 15,00,000 is assessable ....

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....ion of the Commissioner of Income-tax (Appeals). Hence, the present reference. We have heard Shri G. K. Joshi, learned senior standing counsel, assisted by Shri U. Bhuyan, standing counsel for the Department, and Mrs. M. Hazarika, learned counsel appearing on behalf of the assessee. According to Shri Joshi, the real estate transaction is not a business because a real estate transaction is no....

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....se (13), of the Act and the term "business" has been defined which we quote below : " ' business ' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. " The definition of "trade" does not find its place in the Act. The dictionary meaning of trade as per dictionary of Webster's New Twentieth Century Dictionary, (Second editi....