Search Results Page

Search Results

1 - 2 of 2 (0.19 seconds)
M/S. Vardan Buildcon vs Asstt. Commissioner Of Income Tax ... on 24 February, 2011 cites

Raja Bahadur Vishweshwara Singh Of ... vs The Commissioner Of Income-Tax And Ors. on 26 April, 1956

(a) when what is done is not merely a realization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by the fact that the appellant bought land out of borrowed fund as its own fund was quite meager. Purchase and sale as a business deal is another requisite. An intention to make profit normally inspires trade and commerce.
Patna High Court Cites 10 - Cited by 60 - Full Document

Dalhousie Investment Trust Company Ltd vs Commissioner Of Income-Tax ... on 22 November, 1967

This activity has resulted sale consideration @ 250% of total cost (acquisition & development cost). This profit therefore, is nothing but profit derived from business and profession only. Such an intention is clearly discernible from the gamut of facts and circumstances in the present case as the assessee is engaged in the business of real estate developers, building construction and sale & purchase of property. This inference is buttressed by the ratio laid down by the Hon‟ble Supreme Court in case of Delhousie Investment Trust Co. Ltd. v. CIT reported in 68 ITR 486 at page 490 & 491 held that where shares were actually sold at a very high profit leads to the inference that the purchases and sales were an adventure in the nature of trade. If this analogy is applied to the case of the appellant, it is absolutely clear that the appellant is engaged in business of land dealings, what to say adventure in the nature of trade.
Supreme Court of India Cites 6 - Cited by 104 - V Bhargava - Full Document
1