9911796707
TMI Blog1978 (3) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... ti Prasad, his brother, Mata Prasad, his wife and his mother jointly purchased 9 bighas 19 biswas and 8 dhoors of land along with a building, situate in village Tulsipur Mahmoorganj, District Varanasi, for a sum of Rs. 84,061. Subsequently, by two sale deeds dated June 8 and 9, 1966, a total area of 2 bighas 9 biswas and 2 dhoors was sold for a total consideration of Rs. 60,000. For the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal has referred the following question of law for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the purchase and sale of land by the assessee did not amount to an adventure in the nature of trade. " The test for determining whether a transaction was an adventure in the nature of trade has been laid down by the Supre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he land was purchased in 1960. A small portion was sold several years later. On these facts, we are satisfied that the Tribunal was justified in drawing the inference that the transaction did not represent an adventure in the nature of trade. We, therefore, answer the question referred to us in the affirmative, in favour of the assessee and against the department. As no one has appeared on behal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
