An isolated transaction does not mean that it is not an adventure in nature of trade

HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai Versus Allu Arvind Babu Tax Case (Appeal) No. 2397 of 2006 October 8, 2012 JUDGMENT Mrs. Chitra Venkataraman, J The Revenue is on appeal as against the order of the Income Tax Appellate Tribunal relating to the assessment year 2001-02. This Court, at the time of admission, admitted this Tax Case on the following substantial question of law: “Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee, who is not in the business of buying and selling of stocks and shares ...