https://www.taxtmi.com/caselaws?id=62061 Receipts from the sale of standing trees on agricultural land were treated as capital gains, because standing trees are property of any kind and their sale does not constitute agricultural income. The note also explains that, after partition, where co-owners hold property as tenants-in-common, the income accrues directly to them individually unless there is a legally recognised collective unit with the requisite joint enterprise. Mere common management or a description as acting for the tharwad did not create a Hindu undivided family, an association of persons, or a body of individuals; the individual co-owners were the proper persons to be assessed. 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 Receipts from the sale of standing trees on agricultural land were treated as capital gains, because standing trees are property of any kind and their sale does not constitute agricultural income. The note also explains that, after partition, where co-owners hold property as tenants-in-common, the income accrues directly to them individually unless there is a legally recognised collective unit with the requisite joint enterprise. Mere common management or a description as acting for the tharwad did not create a Hindu undivided family, an association of persons, or a body of individuals; the individual co-owners were the proper persons to be assessed. Case-Laws Income Tax Fri, 31 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62061