https://www.taxtmi.com/caselaws?id=218877 Receipts from the sale of spontaneously grown trees cut under statutory permission were treated as capital rather than revenue, because the trees were removed in the prescribed manner, sold to the State at a price fixed by the authorities, the land was then used for cultivation, and the record showed no intention to allow regeneration or pursue a profit-making venture. The challenge to the explanation for investment in agricultural land was rejected because it raised only appreciation of evidence and sufficiency of facts, not a substantial question of law. The resulting receipt was not chargeable to tax, and the factual issue failed. en-us Mon, 05 Nov 2012 00:00:00 +0530 Wed, 28 Nov 2012 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218877 Receipts from the sale of spontaneously grown trees cut under statutory permission were treated as capital rather than revenue, because the trees were removed in the prescribed manner, sold to the State at a price fixed by the authorities, the land was then used for cultivation, and the record showed no intention to allow regeneration or pursue a profit-making venture. The challenge to the explanation for investment in agricultural land was rejected because it raised only appreciation of evidence and sufficiency of facts, not a substantial question of law. The resulting receipt was not chargeable to tax, and the factual issue failed. Case-Laws Income Tax Mon, 05 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218877