COMMISSIONER OF INCOME TAX Vs. B K BHAUMIK

JUDGEMENT

(1.) BY this application under Section 256(2) of the Income -tax Act, 1961, the Revenue seeks a direction to the Income -tax Appellate Tribunal to refer to this court the following question, in respect of the assessment year 1992 -93, for opinion :

(2.) THOUGH it is true that the question whether profit in a transaction has arisen out of adventure in the nature of trade is a mixed question of law and fact but it is equally well -settled that the expression 'adventure in the nature of trade' postulates the existence of certain elements in the adventure, which in law would invest it with the character of trade or business. Further, the question whether the transaction is an adventure in the nature of trade has necessarily to be determined in the light of the cumulative effect of the entire set of facts to be gathered from the relevant material brought on record.

(3.) ACCORDINGLY the petition is dismissed.