TaxTMI 
TaxTMI 
1961 (3) TMI 4
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....ssee, Raja J. Rameshwar Rao, is a jagirdar of the Wanaparthi Samasthan in the former State of Hyderabad. He was being assessed as an individual on income from the jagir and from other sources. In his jagir, there was a village, Madanapur by name. In the year of account 1946 (1356 Fasli) corresponding to the year of assessment, 1947 (1357 Fasli), he acquired the Makhta of the village for Rs. 25,000. He also purchased 217 acres of land from the pattadars, paying them in the year of account Rs. 19,186 out of a total consideration of Rs. 25,502. He constructed on a portion of the land so acquired a Ganj and shops. The rest of the land he laid out as plots, which he sold for Rs. 75,820. In computing his assessable income, Rs. 75,820 were added a....
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....t question be answered in the affirmative, as did the High Court, the second question would not arise. It was contended that whether there was a business and profit from it was not a question of pure fact but a mixed question of law and fact, and that the High Court was in error in treating it as a question of fact. In our opinion, this contention hardly arises, because the High Court examined the record, and came to the conclusion that there was evidence to support the finding, and that is the matter upon which the question was referred for the opinion of the High Court. In our opinion, the High Court answered the question correctly. No doubt, this was only a single venture ; but even a single venture may be regarded as in the nature of tr....