1959 (5) TMI 10 - SUPREME COURT

Whether the solitary transaction in respect of about three-quarters of an acre of land in the suburbs of Calcutta, was an adventure in the nature of trade and, therefore, liable to income-tax?

Held that:- In all the circumstances of this case, the total impression created on our mind is that it has not been made out by the Department that the dominant intention of the appellant was to embark on a venture in the nature of trade, when he entered into the agreement which resulted in the profits sought to be taxed.

For the aforesaid reasons, we would allow this appeal, and set aside the orders of the Tribunal below with costs. Appeal allowed.