Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (10) TMI 63 - BOMBAY HIGH COURTAdventure in the nature of trade - profit earned on sale of gold bonds - "Whether, appellate authority was justified in holding that the profit earned on sale of gold bonds arose from an adventure in the nature of trade and was, therefore, liable to tax as business income? - The fact that the bonds were sold within a short time, does not indicate that the transaction was in the nature of trade. There does not appear to be any material to show that the only motive was to show that the bonds were sold at a later date. Purchase of bonds was not in much quantity. As such, there is no material to conclude that the transaction in question was an adventure in the nature of trade.
|