adventure in the nature of trade
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 December 2009
had cut and sold trees on my land to clear the land for making apetrol pump.but it did not work out so the land was also sold in the same year.the land is agricultural.can this be treated as adventure in the nature of trade and be taxed as income from business and profession?
14 December 2009
Yes it can......
Please refer SC decesion in case of Sutluj Cotton mills which states that even a single transaction can constitute business
Please refer SC decesion in case of Sutluj Cotton mills which states that even a single transaction can constitute business
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