1975 (2) TMI 11

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..... n 256(1) of the Income-tax Act, 1961, for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of Rs. 9,141 was not profit arising out of an adventure in the nature of trade, but was receipt of casual and non-recurring nature ? " The assessment year relevant for the present reference is the year 1959-60 and the assessee i .....

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..... written explanation to the effect that the transaction in question was not an adventure in the nature of trade, as, when the assessee entered into the transaction he had no profit motive. It was at best a casual gain of a non-recurring nature. The Income-tax, Officer rejected the plea on the ground that the assessee had in the past been regularly carrying on the business of purchase and sale of ev .....

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..... he Tribunal held in these circumstances that the transaction in question was not an adventure in the nature of trade and as such was not taxable. In coming to this conclusion, the Tribunal took note of the fact that a single transaction may constitute an adventure in the nature of trade but on the facts of the present case, it held that this was not so. In ITR No. 710 of 1972--Additional Commissio .....

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