https://www.taxtmi.com/caselaws?id=21862 An outright sale agreement for identified rubber trees at a fixed price per tree was treated as a transfer of capital assets, not as a transaction generating agricultural income. Because the agreement did not confer any right to slaughter tap or otherwise extract latex, the sale consideration could not be bifurcated and taxed as income attributable to latex extraction. Any independent latex income, if actually earned, would have to be assessed on proper material against the person liable for that income. The sale consideration under the agreement itself remained a capital receipt and was not subject to agricultural income tax. en-us Fri, 06 Sep 1991 00:00:00 +0530 Wed, 02 Dec 2009 16:12:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21862 An outright sale agreement for identified rubber trees at a fixed price per tree was treated as a transfer of capital assets, not as a transaction generating agricultural income. Because the agreement did not confer any right to slaughter tap or otherwise extract latex, the sale consideration could not be bifurcated and taxed as income attributable to latex extraction. Any independent latex income, if actually earned, would have to be assessed on proper material against the person liable for that income. The sale consideration under the agreement itself remained a capital receipt and was not subject to agricultural income tax. Case-Laws Income Tax Fri, 06 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21862