TMI Blog1939 (10) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... t this is the substantial question raised and the only question which we are prepared to answer on the materials put before us. The material facts are that in the year 1930 the assessee purchased the Inam village of Sahijpur Bogha which is about 3? miles from Ahmedabad at a price of approximately ₹ 60,000. He borrowed the whole of that amount at 7? per cent. interest. The village comprised 1,330 acres and out of that area he proceeded to set aside for development and sale as building sites an area of 266 acres divided into 1,000 plots. The finding of fact is that he has incurred some expense on the development of that property. Out of 266 acres which he proposes to develop 36 acres have been set aside for roads, and it has been hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee borrowed money at 7? per cent. interest if he was merely desiring to purchase this Inam village as an investment. However it is not for us to consider whether any finding of fact by the Commissioner is right. We must accept it provided there is any evidence to support it and so far as the Commissioner's finding deals with the question of fact whether the assessee was carrying on business we think that there is evidence to support it. But the actual question referred to us by the Commissioner is whether there is any evidence to support the finding of the Assistant Commissioner that the said amount of ₹ 47,533 is profit earned by the assessee in the business of purchasing, developing and selling land, carried on by him. Tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereof, is profit earned by the assessee in the business of purchasing, developing and selling land carried on by him . And we answer that question in the affirmative. Beyond that we are not prepared to go. KANIA, J.-The question referred by the Commissioner divides itself in two parts. The first is whether there is any evidence to support the finding of the Assistant Commissioner that the amount of ₹ 47,533 is profit earned by the assessee. The second is whether there is any evidence to support the finding of the Assistant Commissioner that the assessee is carrying on business of purchasing, developing and selling land. Taking the second question first the Court is not asked and it is no part of the Court's duty to det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly when the adventure comes to an end. The figures mentioned in the order of the Assistant Commissioner clearly disclose that he has taken ₹ 68 per acre for the nondeveloped area as a hypothetical figure. The cases to which our attention has been drawn show that when there is a single venture, i.e., a single transaction which is treated as having been entered into in the nature of trade, the question of assessing the profits arose when the venture came to an end, i.e., when the goods purchased were all sold. It is admitted here that about threefourths of the area originally purchased is still there. Under the circumstances it is not possible for the Court to state on the materials put before us whether there is any profit and if so wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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