https://www.taxtmi.com/caselaws?id=75008 The High Court dismissed the Revenue's appeals against the Income-tax Appellate Tribunal's decision on assessing capital gains from the sale of trees on the assessees' coffee estate. The Court held that the receipts from the sale of old silver oak trees should be considered agricultural income, not capital gains. The Court emphasized the binding nature of the Central Board of Direct Taxes Circular on Revenue appeals when the tax effect is below the prescribed limit, leading to the rejection of the Revenue's appeals due to the tax effect being under the threshold. en-us Mon, 27 Apr 2009 00:00:00 +0530 Tue, 09 Jul 2013 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75008 The High Court dismissed the Revenue's appeals against the Income-tax Appellate Tribunal's decision on assessing capital gains from the sale of trees on the assessees' coffee estate. The Court held that the receipts from the sale of old silver oak trees should be considered agricultural income, not capital gains. The Court emphasized the binding nature of the Central Board of Direct Taxes Circular on Revenue appeals when the tax effect is below the prescribed limit, leading to the rejection of the Revenue's appeals due to the tax effect being under the threshold. Case-Laws Income Tax Mon, 27 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75008