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of <h1>High Court rules sale proceeds of old trees as capital receipts not taxable</h1> <h3>State Of Tamil Nadu Versus Kanthimathy Plantations Limited</h3> State Of Tamil Nadu Versus Kanthimathy Plantations Limited - [1993] 200 ITR 742 The High Court of Madras dismissed the Revenue's revision against the Tamil Nadu Agricultural Income-tax Appellate Tribunal's order regarding the sale proceeds of old trees, ruling the receipts as capital in nature and not taxable. The court distinguished a previous case involving a similar agreement, stating that no latex was available for extraction in the current case. The tax case was dismissed with no costs awarded.
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