“Adventure in the nature of trade”

Characters of “Adventure in the nature of trade”: Even an isolated and single transaction may be an adventure in the nature of trade if some of essential features of trade are present in such a transaction. The character of a transaction depends on relevant facts and circumstances and there is no abstract rule, principle or test which is universal G. Venkataswamy Naidu & Co [1959] 35 ITR 594 (SC) Section 2(13), 28