https://www.taxtmi.com/caselaws?id=23830 The court ruled in favor of the assessee, determining that no capital gains arose from the sale of rubber trees for the assessment years 1976-77 and 1977-78. The valuation of the trees as on January 1, 1954, was deemed higher than the actual value realized on sale, resulting in no capital gains. The court upheld the Tribunal's decision based on previous orders in the assessee's case, emphasizing the absence of new material or changed circumstances. The court did not address the second issue raised regarding the valuation method, forwarding the judgment to the Income-tax Appellate Tribunal for further action. en-us Mon, 18 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 15:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23830 The court ruled in favor of the assessee, determining that no capital gains arose from the sale of rubber trees for the assessment years 1976-77 and 1977-78. The valuation of the trees as on January 1, 1954, was deemed higher than the actual value realized on sale, resulting in no capital gains. The court upheld the Tribunal's decision based on previous orders in the assessee's case, emphasizing the absence of new material or changed circumstances. The court did not address the second issue raised regarding the valuation method, forwarding the judgment to the Income-tax Appellate Tribunal for further action. Case-Laws Income Tax Mon, 18 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23830