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1980 (1) TMI 33 - HC - Income TaxExtract: .......ng purposes and the income from sales was assessable to tax as business income. Questions Nos. 2 and 3 The surplus amounts realised from the sale of plots constituted income from an adventure in the nature of trade and not return of capital investment. The amounts were taxable as business income of the assessee. There shall be no order as to costs.
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