1991 (4) TMI 54

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....er section 256(2) of the Income-tax Act, 1961, the following question has been referred to us : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the surplus of Rs. 44,824 received from sale of plots was not assessable as income from an adventure in the nature of trade ?" The assessee is a railway employee. The assessment years conc....

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....oping it on scientific lines and after preparing a lay out plan. This order of the Income-tax Officer was affirmed in appeal by the Appellate Assistant Commissioner. On further appeal, the Tribunal took the view that the activity undertaken by the assessee is so minimal that it cannot be said, in the circumstances, that the assessee had embarked upon an adventure in the nature of trade. The Tribun....