https://www.taxtmi.com/caselaws?id=22892 No capital gains arose on the sale of old, unyielding rubber trees because their later sale value was lower than their fair market value in the relevant base year. No separate capital gains tax was attracted when the rubber estate was sold with the trees standing thereon, as the composite transfer did not justify a distinct charge on the trees. The rubber replantation subsidy was treated as a non-revenue receipt and excluded from taxable income. Surtax payable under the Companies (Profits) Surtax Act, 1964 was not allowable as a deduction in computing business profits. en-us Mon, 16 Oct 1989 00:00:00 +0530 Tue, 15 Dec 2009 12:01:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22892 No capital gains arose on the sale of old, unyielding rubber trees because their later sale value was lower than their fair market value in the relevant base year. No separate capital gains tax was attracted when the rubber estate was sold with the trees standing thereon, as the composite transfer did not justify a distinct charge on the trees. The rubber replantation subsidy was treated as a non-revenue receipt and excluded from taxable income. Surtax payable under the Companies (Profits) Surtax Act, 1964 was not allowable as a deduction in computing business profits. Case-Laws Income Tax Mon, 16 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22892