https://www.taxtmi.com/caselaws?id=169642 Proceeds from the sale of gravelia firewood were treated as capital receipts because the trees were maintained as part of the estate's capital assets for shade, so their sale reflected realization of capital rather than business revenue and was not taxable as revenue receipt. Surcharge on agricultural income-tax for the 1957-58 assessment year was held valid because the surcharge law came into force before the close of that assessment year, and the law in force during the assessment year ordinarily governs unless a contrary intention appears. en-us Thu, 25 Jul 1963 00:00:00 +0530 Tue, 28 Apr 2015 18:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169642 Proceeds from the sale of gravelia firewood were treated as capital receipts because the trees were maintained as part of the estate's capital assets for shade, so their sale reflected realization of capital rather than business revenue and was not taxable as revenue receipt. Surcharge on agricultural income-tax for the 1957-58 assessment year was held valid because the surcharge law came into force before the close of that assessment year, and the law in force during the assessment year ordinarily governs unless a contrary intention appears. Case-Laws Income Tax Thu, 25 Jul 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169642