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adventure in the nature of trade

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Querist : Anonymous

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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?
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CA. Bikash Bogi

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CA. Bikash Bogi (Expert)
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
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