https://www.taxtmi.com/caselaws?id=169601 Receipts from the gradual sale of standing forest timber were treated as revenue income, not as a mere conversion of capital into cash, because the trees yielded recurring returns as a regular source of profit. Income from the sale of forest trees of spontaneous growth on land assessed to land revenue was not agricultural income, since agricultural use requires cultivation or preparation of the land and not mere natural forest growth. The receipts were therefore held taxable and not exempt as agricultural income. en-us Fri, 29 Sep 1944 00:00:00 +0630 Mon, 27 Apr 2015 16:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169601 Receipts from the gradual sale of standing forest timber were treated as revenue income, not as a mere conversion of capital into cash, because the trees yielded recurring returns as a regular source of profit. Income from the sale of forest trees of spontaneous growth on land assessed to land revenue was not agricultural income, since agricultural use requires cultivation or preparation of the land and not mere natural forest growth. The receipts were therefore held taxable and not exempt as agricultural income. Case-Laws Income Tax Fri, 29 Sep 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=169601