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1969 (2) TMI 4 - SC - Income Tax
Assessee purchasing the estate to re-sell it at a profit - division of the land into 23 plots and the sale to the various purchasers indicate that there was scheming and organisation on the part of the assessee. Having regard to the total effect of all these circumstances, High Court was right in its conclusion that the transactions of the assessee constituted an adventure in the nature of trade and were in the course of a profit-making scheme - Assessee's appeal dismissed