1978 (3) TMI 90

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....ssee, Bhagwati Prasad, his brother, Mata Prasad, his wife and his mother jointly purchased 9 bighas 19 biswas and 8 dhoors of land along with a building, situate in village Tulsipur Mahmoorganj, District Varanasi, for a sum of Rs. 84,061. Subsequently, by two sale deeds dated June 8 and 9, 1966, a total area of 2 bighas 9 biswas and 2 dhoors was sold for a total consideration of Rs. 60,000. For th....

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....ioner, the Tribunal has referred the following question of law for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the purchase and sale of land by the assessee did not amount to an adventure in the nature of trade. " The test for determining whether a transaction was an adventure in the nature of trade has been laid down by ....