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2009 (11) TMI 491 - HC - Income TaxPurchased agricultural lands - acquired immediately - by the State Government - received compensation - assessees did not have any intention to hold the lands and to cultivate it -surplus received by the assessees, in respect of the lands purchased by the assessees and acquired by the State, is liable to be taxed as a business income, terming the said transaction as "adventure in the nature of trade", as defined under the provisions of section 2(13) of the said Act - interest received, during the years under consideration, on enhanced compensation, was liable to be treated as a business income and, therefore, liable to be taxed, as such, within the meaning of section 28 of the said Act – Held that: -the transactions, in question, were "adventure in the nature of trade" and as such, chargeable to income-tax under the head "Profits and gains of business or profession"
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