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I.T.A. NO.3874/LB OF 1984-85,DECIDED ON 10TH JUNUARY, 1989. versus I.T.A. NO.3874/LB OF 1984-85,DECIDED ON 10TH JUNUARY, 1989.

Sections 2 (ii) and 62 in the nature of trade owe the tax on the profit declared on the sale of the venture land, whether the sales transaction made by the assessee through the sales contract is in the nature of trade and the profit derived from it. Taxes will be received as income tax. Whether this is the case for any Celsius deal made by an Assisi or an isolated transaction can be regarded as a matter of trade. patent advocate from Kumbh lawyer