9911796707
TMI Blog1986 (6) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... uisition, the assessee was given compensation. According to the ITO the purchase by the assessee was not with the intention of retaining the property but it was done with a view to make a sizeable profit on the acquisition, and therefore, attracted tax liability as income from business or profession. He, accordingly, brought to tax the gain of Rs. 63,305 as income from business under s. 28 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Some authorities were cited for the proposition that a single transaction may be an adventure in the nature of trade and constitute a business. To our mind, this argument has little force. It is not the department's case that it was the business of the assessee to purchase and sale properties for profit. The basic thing to be considered in this behalf is the intention. There is no evidence, not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Atchaiah vs. CIT (1985) 48 CTR (Del) 223 : (1985) 156 ITR 78 (Del). 3. Though the argument raised on behalf of the Department is quite plausible, the better opinion appears to be in favour of the assessee. A co-sharer of the assessee has already been taxed in respect of this very profit as capital gain. We, therefore, are of the opinion that there is nothing for us to interfere in this appeal w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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