13TH, 14TH AND 23RD JANUARY, 1953

Income Tax, Schedule D – Purchase and sale of house property – Whether adventure in the nature of trade.

  The Respondent, a director of a company carrying on the business of warehousemen, bought four houses in January, 1945, and sold them at a profit in December, 1947. He admitted that he had bought the property with a view to resale, and had instructed his agents to sell whenever a suitable opportunity arose.

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