business case

Thus, the attendant circumstances of the case, the process of purchase of land, conversion thereof and sale, compel us to come to the conclusion that the * purchase of land, in itself, was with an intention to sell at a profit in the form of an 'adventure in the nature of trade' and hence though it is an isolated' transaction the income thereon can still be considered as business income. Full Article

Coming to the first point of difference it seems to me that even after the introduction of block of assets concept, there is no change in the legal position to the effect that the assessee^ would be entitled to depreciation even though the assets in question were not actually put to use in the relevant previous year, but were kept ready for being put to use for the purpose of the business. The judgment of the Hon'ble Madras High Court, on this question is in C1T vs. Vayi.. Full Article

The income in respect of a portion of the building, which has been taken on lease by the assessee from the owner of the land and thereafter subleased, cannot be taxed under the head `income from house property' but is to be taxed under the head `income from business'. Full Article

SUMMARY OF CASE LAW Units of mutual fund cannot be equated with shares of a company; hence, loss on purchase and sale of units of mutual fund cannot be treated as loss from speculation business. Full Article