1993 (2) TMI 3 - SC - Income Tax

Partners in firm purchased land and sold it inform of plots - Whether the profits derived by the assessee were from an adventure in the nature of trade- whether the assessment could be made in the status of an association of persons

Summary

The Supreme Court dismissed the appeal by the assessees regarding the profits derived from a land transaction, upholding the High Court's decision that it was an adventure in the nature of trade. The Tribunal's conclusion in favor of the assessees was deemed unwarranted, and the appeal was dismissed with no costs.