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2014 (1) TMI 1591 - ALLAHABAD HIGH COURTWhether the sale of property was adventure in the nature of trade - Held that:- The assessee has sold the property by way of single transaction - The impugned property has been shown as fixed asset in the books of the company and agricultural income from the said property was also returned by the company - Relying upon the decision in Commissioner of Income-Tax Versus Mohakampur Ice And Cold Storage [2005 (5) TMI 23 - ALLAHABAD High Court] - In order to treat a transaction within the purview of adventure in the nature of trade, it is to be seen whether the property had been purchased or acquired by the assessee with the intention to sell the property, to earn profit by indulging in several transactions of sale or to earn profit on its investment - The sale of agricultural plot was not by way of business purpose - Decided against Revenue.
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