https://www.taxtmi.com/caselaws?id=62061 Sale proceeds from standing trees on agricultural land are treated as capital gains, not agricultural income, because standing trees are property and are not agricultural land for the relevant capital-asset definition; spontaneous growth trees cut and sold do not generate agricultural income. Following partition and defined shares, co-owners hold property as tenants-in-common rather than as a Hindu undivided family. Mere common management or reference to a tharwad does not establish a Hindu undivided family, association of persons, or body of individuals without a voluntary joint enterprise earning income. Income from the trees therefore accrues directly to each co-owner in their respective share. en-us Fri, 31 Oct 1975 00:00:00 +0530 Mon, 17 Jan 2011 18:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62061 Sale proceeds from standing trees on agricultural land are treated as capital gains, not agricultural income, because standing trees are property and are not agricultural land for the relevant capital-asset definition; spontaneous growth trees cut and sold do not generate agricultural income. Following partition and defined shares, co-owners hold property as tenants-in-common rather than as a Hindu undivided family. Mere common management or reference to a tharwad does not establish a Hindu undivided family, association of persons, or body of individuals without a voluntary joint enterprise earning income. Income from the trees therefore accrues directly to each co-owner in their respective share. Case-Laws Income Tax Fri, 31 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62061