https://www.taxtmi.com/caselaws?id=8549 The court ruled in favor of the assessee, determining that the receipts from the sale of trees of spontaneous growth were not assessable as revenue income. The court found that the intention behind the sale was to convert the land for agricultural use, not to generate future income from tree regeneration. Therefore, the receipts were considered of a capital nature and not subject to tax under the category of "Other sources." The decision favored the assessee, directing each party to bear their respective costs. en-us Wed, 01 Dec 1971 00:00:00 +0530 Thu, 30 Apr 2009 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8549 The court ruled in favor of the assessee, determining that the receipts from the sale of trees of spontaneous growth were not assessable as revenue income. The court found that the intention behind the sale was to convert the land for agricultural use, not to generate future income from tree regeneration. Therefore, the receipts were considered of a capital nature and not subject to tax under the category of "Other sources." The decision favored the assessee, directing each party to bear their respective costs. Case-Laws Income Tax Wed, 01 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8549