Supreme Court Upholds Assessment of Profit from Land Transaction as Adventure in Nature of Trade. Single Transaction of Purchase and Subdivision of Estate into Plots with Resale Held to Constitute Business Profit Under Section 34(1)(a) of Income-tax Act, 1922.
12 Feb 1969The assessee, P. M. Mohammad Meerakhan, entered into an agreement on 15th August 1955 to purchase 477.71 acres of land called Kuttikal Estate for Rs. ...
