Case Laws / Head Notes / Paras
Taxpayer sold his property and relocated to another place due to security concerns but tax authorities added capital gain from sale of property as taxable income under adventure in nature of trade---Plea raised by Dept. was that income received was taxable as it was akin to real estate business.
Intention of a person could be traced out from some of his overt acts as well as surrounding circumstances---Assessing authorities were to give a convincing reasoning regarding overt act and its surrounding circumstances specially at time of purchase of property under which a assessee/taxpayer indulged into transaction before declaring the same as an 'adventure in nature of trade'---Reason given by taxpayer for selling both his plots was quite logical and coherent---When a person ad decided to sev...
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