https://www.taxtmi.com/caselaws?id=9047 Sale proceeds from cutting standing blue-gum trees were treated as capital receipts, not agricultural income. The character of the receipt depended on the facts and surrounding circumstances, including the role of the trees in the plantation rather than any single abstract test. Although the trees stood on the land and were connected with the income-producing use of the plantation, their sale on cutting was viewed as the realisation of a capital asset through destruction of that asset. The Tribunal's view was upheld and the tax claim failed. en-us Tue, 13 Mar 1973 00:00:00 +0530 Thu, 18 Jun 2009 19:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9047 Sale proceeds from cutting standing blue-gum trees were treated as capital receipts, not agricultural income. The character of the receipt depended on the facts and surrounding circumstances, including the role of the trees in the plantation rather than any single abstract test. Although the trees stood on the land and were connected with the income-producing use of the plantation, their sale on cutting was viewed as the realisation of a capital asset through destruction of that asset. The Tribunal's view was upheld and the tax claim failed. Case-Laws Income Tax Tue, 13 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9047