https://www.taxtmi.com/caselaws?id=7966 The court held that the amounts received from the sale of trees were revenue receipts from a subsidiary business venture and not capital returns. The sales were determined to be of the trees and timber, not just cutting rights, and were not related to the assessee's capital assets. The court found that the trees did not form part of the assessee's capital assets, as ownership remained with the lessor. The assessee was directed to pay costs to the revenue as the court ruled in favor of considering the receipts as revenue, not capital returns. en-us Fri, 16 Oct 1970 00:00:00 +0530 Thu, 26 Mar 2009 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7966 The court held that the amounts received from the sale of trees were revenue receipts from a subsidiary business venture and not capital returns. The sales were determined to be of the trees and timber, not just cutting rights, and were not related to the assessee's capital assets. The court found that the trees did not form part of the assessee's capital assets, as ownership remained with the lessor. The assessee was directed to pay costs to the revenue as the court ruled in favor of considering the receipts as revenue, not capital returns. Case-Laws Income Tax Fri, 16 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7966