1975 (4) TMI 34

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....r obtained an assignment of a decree for Rs. 8,000 for a consideration of Rs. 4,000. During the previous year relevant to the assessment year 1964-65, he purchased some house property from the judgment-debtor for a consideration of Rs. 21,500. In part payment of the consideration for the sale, a sum of Rs. 8,000 due under the decree was set off and the balance of consideration was paid in cash. Th....

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....at the object of getting the assignment of the decree was purely to make a profit and that the assessee did not get the assignment of the decree for the purpose of facilitating the purchase of the property itself. The Tribunal also confirmed this view and held that the facts and circumstances showed that the purchase was a business venture in the nature of trade and, in any case, as held in Rukman....

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....under the decree. The fact that without the necessity of executing the decree and realising the money he was able to purchase the property of the judgment-debtor by private negotiation and got the decree amount set off against the consideration made no difference. The absence of any prior or subsequent dealings of purchase of decree by the assessee has also no significance because even a first ven....