1978 (3) TMI 90 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, Bhagwati Prasad, in a case involving the purchase and sale of land. The court held that the transaction did not amount to an adventure in the nature of trade as there was no evidence to suggest that the assessee intended to start a trade venture. The Tribunal's decision was upheld, and the question of law was answered in favor of the assessee. No costs were awarded.