https://www.taxtmi.com/caselaws?id=23611 The High Court of Kerala ruled against the Revenue and in favor of the assessee regarding the valuation of old rubber trees for computing capital gains. The court found the previous valuation of Rs. 50 per tree as of January 1, 1954, to be incorrect. However, the court upheld the assessment of capital gains on the sale of an estate with yielding rubber trees, following precedent that capital gains cannot be assessed separately for the trees. The judgment provided clarity on these issues based on legal correctness and relevant precedents. en-us Mon, 29 Jun 1987 00:00:00 +0530 Tue, 22 Dec 2009 16:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23611 The High Court of Kerala ruled against the Revenue and in favor of the assessee regarding the valuation of old rubber trees for computing capital gains. The court found the previous valuation of Rs. 50 per tree as of January 1, 1954, to be incorrect. However, the court upheld the assessment of capital gains on the sale of an estate with yielding rubber trees, following precedent that capital gains cannot be assessed separately for the trees. The judgment provided clarity on these issues based on legal correctness and relevant precedents. Case-Laws Income Tax Mon, 29 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23611