9911796707
TMI Blog1966 (8) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... t the purchase and sale of the houses was in the course of a trade in property or constituted an adventure in the nature of trade, no tax liability would attach to the sum of Rs. 5,853 X X X X Extracts X X X X X X X X Extracts X X X X ..... ur answers in the other tax case. Following our judgment in that case, we answer the first question against the assessee and the second question in favour of the assessee. The third question relates to the inclusion in the chargeable income of a total sum of Rs. 5,853 representing the difference between the purchase and sale prices of two houses called Kandal House and Bishopdown House at Ootacam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether in his view the purchase and sale of the houses were in the course of trade or an adventure in the nature of trade, confirmed the order of the Income-tax Officer. The Tribunal, while dismissing the assessee's appeal, stated that there was abundant evidence to show that the assessee habitually bought and sold properties and therefore the profit realised on these properties was also liable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adventure in the nature of trade. What the Tribunal should have found, with reference to the materials, if any, before it, was whether the two sales could be regarded as in the course of trade or an adventure in the nature of trade. In the statement of the case, as we mentioned, no doubt the Tribunal said that the assessee was a habitual dealer in properties. It seems to us that this statement in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
