1984 (2) TMI 51 - HC - Income Tax

Summary

The High Court of Bombay delivered a judgment on an application under section 256(2) of the Income Tax Act, 1961. The case involved the purchase of land by the assessee for residential quarters, which was later developed and sold. The Tribunal found it to be an investment, not a trade venture, based on the evidence presented. The Court upheld the Tribunal's decision, ruling in favor of the assessee and discharging the rule with costs.