Judgement

B. P. SINHA J. : (On behalf of BHAGWATI and SINHA JJ.) The only question for determination in this appeal by special leave, is whether the solitary transaction in respect of about three quarters of an acre of land in the suburbs of Calcutta, was an adventure in the nature of trade and, therefore, liable to income-tax. The assessee is the appellant. He challenges the correctness of the order of the Income-tax Appellate Tribunal, Calcutta Bench, Calcutta, dated 26-3-1954, passed in I. T. A. 5263 of 1953-54, in respect of the Assessment year 1948-49, reversing that of the Appellate Assistant Commissioner of Income-tax, Range "C", Calcutta, dated 5-9-1953.

2. The facts of this case leading up to this appeal are as follows: The appellant is engaged in various types of business activities, being a share-holder and Director or Managing Director of several limited liability concerns, and is also a partner in the firm known as Pioneer Engineering Works". In respect of his income during the previous two assessment years, the appellant was assessed to income-tax on the sums of Rs. 53,000 (1946-47) and Rs.59,000 (1947-48). The appellant holds investments in shares of the value of R