Spontaneously grown tree sales are capital receipts, not taxable. Section 55(2)(a) of Income Tax does not apply.

Spontaneously grown tree sales are capital receipts, not taxable. Section 55(2)(a) of Income Tax does not apply. https://www.taxtmi.com/highlights?id=46480 Receipts from sale of spontaneous growth of trees - it is a capital receipt not liable to tax - The provisions of section 55(2)(a) cannot be applied to spontaneous growth of trees and is to be applied only to goodwill, trade mark, brand name, right to manufacture, produce or process any article or thing or right to carry on any business, tenancy rights, stage carriage permits or loom hours etc. en-us Tue, 14 May 2019 07:58:47 +0530 Tue, 14 May 2019 07:58:47 +0530 TaxTMI RSS Generator Spontaneously grown tree sales are capital receipts, not taxable. Section 55(2)(a) of Income Tax does not apply. https://www.taxtmi.com/highlights?id=46480 Receipts from sale of spontaneous growth of trees - it is a capital receipt not liable to tax - The provisions of section 55(2)(a) cannot be applied to spontaneous growth of trees and is to be applied only to goodwill, trade mark, brand name, right to manufacture, produce or process any article or thing or right to carry on any business, tenancy rights, stage carriage permits or loom hours etc. Highlights Income Tax Tue, 14 May 2019 07:58:47 +0530 https://www.taxtmi.com/highlights?id=46480