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PETITIONER: G. VENKATASWAMI NAIDU & CO.
Vs.
RESPONDENT: THE COMM1SSIONER OF INCOME-TAX
DATE OF JUDGMENT: 24/11/1958
BENCH: GAJENDRAGADKAR, P.B. BENCH: GAJENDRAGADKAR, P.B. AIYYAR, T.L. VENKATARAMA SARKAR, A.K.
CITATION: 1959 AIR 359 1959 SCR Supl. (1) 646 CITATOR INFO : F 1959 SC1252 (7,9,14,15) RF 1961 SC1062 (7) R 1962 SC1141 (6) R 1962 SC1267 (14) R 1965 SC1898 (9) R 1968 SC 683 (9) F 1968 SC 788 (5,7) F 1968 SC 811 (3) R 1969 SC 460 (6) RF 1969 SC1053 (4) R 1970 SC1560 (9) R 1971 SC 794 (12) RF 1975 SC2106 (11,16) R 1976 SC2150 (3,7,10) RF 1986 SC1695 (21)
ACT: Income Tax-Income from isolated transactions--" Adventure in the nature of trade "-Business income-Indian Income Tax Act, 1922 (XI Of 1922), SS. 2(4), 10. Reference to High Court-Transaction, whether or not an adventure in the nature of trade-Mixed question of law and fact-Indian-Income-tax Act,1922 (XI of 1922),s.66(1)
HEADNOTE: The appellant, who was a firm acting as managing agents of a limited company (the Mills), purchased four plots of land adjoining the Mills on various dates between 1941 and 1942, and about five years later sold them to the Mills, as a result. of which the appellant realised a sum of Rs. 43,887 in excess of the purchase pri...