https://www.taxtmi.com/caselaws?id=5211 The Supreme Court affirmed the High Court's judgment that receipts from the sale of trees of spontaneous growth were of a capital nature and not taxable as income. The Court distinguished between capital and revenue receipts based on the intention behind not removing stumps and roots, which was to protect the land for cultivation, not for profit-making through regeneration. The penalty proceedings initiated by the Income Tax Officer were also disposed of in favor of the assessee, as the main appeal's failure led to the failure of the penalty appeals. en-us Thu, 06 Sep 1979 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5211 The Supreme Court affirmed the High Court's judgment that receipts from the sale of trees of spontaneous growth were of a capital nature and not taxable as income. The Court distinguished between capital and revenue receipts based on the intention behind not removing stumps and roots, which was to protect the land for cultivation, not for profit-making through regeneration. The penalty proceedings initiated by the Income Tax Officer were also disposed of in favor of the assessee, as the main appeal's failure led to the failure of the penalty appeals. Case-Laws Income Tax Thu, 06 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5211