https://www.taxtmi.com/caselaws?id=19712 The court held that no capital gains can be assessed on the sale of old and unyielding rubber trees, as their fair market value when yielding in 1954 or 1964 would have been higher than when sold unyielding later. The Tribunal's decision to reassess based on new aspects was justified, rejecting the Revenue's argument that prior assessments should prevent the assessee from raising new pleas. Consequently, the court dismissed the petitions and declined to refer the questions raised under section 256(2) of the Income-tax Act, 1961. en-us Fri, 30 Sep 1994 00:00:00 +0530 Mon, 09 Nov 2009 11:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19712 The court held that no capital gains can be assessed on the sale of old and unyielding rubber trees, as their fair market value when yielding in 1954 or 1964 would have been higher than when sold unyielding later. The Tribunal's decision to reassess based on new aspects was justified, rejecting the Revenue's argument that prior assessments should prevent the assessee from raising new pleas. Consequently, the court dismissed the petitions and declined to refer the questions raised under section 256(2) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 30 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19712