https://www.taxtmi.com/article/detailed?id=1336 The Tribunal confirmed assessment of sale proceeds of self grown trees as income from other sources, finding the assessee not in the business of growing trees and rejecting authorities relied upon for treating trees as capital assets; the note stresses binding Calcutta High Court precedent that self grown trees can be separate capital assets and that where no cost of acquisition or improvement exists a sale may not yield taxable capital gains, and urges tribunal rectification or an application under the statutory correction provision to apply relevant jurisdictional law. en-us Tue, 28 Jun 2011 17:47:32 +0530 Tue, 28 Jun 2011 17:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1336 The Tribunal confirmed assessment of sale proceeds of self grown trees as income from other sources, finding the assessee not in the business of growing trees and rejecting authorities relied upon for treating trees as capital assets; the note stresses binding Calcutta High Court precedent that self grown trees can be separate capital assets and that where no cost of acquisition or improvement exists a sale may not yield taxable capital gains, and urges tribunal rectification or an application under the statutory correction provision to apply relevant jurisdictional law. Articles Income Tax Tue, 28 Jun 2011 17:47:32 +0530 https://www.taxtmi.com/article/detailed?id=1336