https://www.taxtmi.com/caselaws?id=26119 The High Court ruled that the sale proceeds of albezia trees, considered as agricultural income under the Agricultural Income-tax Act, should not be taxed as capital gains under the Income-tax Act. Despite the trees being cultivated for profit, the income was deemed revenue receipts, not capital gains. The Court emphasized that once income is classified as agricultural income, it cannot be treated as capital receipts for tax purposes. The decision upheld the Tribunal's ruling in favor of the assessee, dismissing the Revenue's challenge. en-us Wed, 13 Mar 1985 00:00:00 +0530 Wed, 03 Feb 2010 10:03:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26119 The High Court ruled that the sale proceeds of albezia trees, considered as agricultural income under the Agricultural Income-tax Act, should not be taxed as capital gains under the Income-tax Act. Despite the trees being cultivated for profit, the income was deemed revenue receipts, not capital gains. The Court emphasized that once income is classified as agricultural income, it cannot be treated as capital receipts for tax purposes. The decision upheld the Tribunal's ruling in favor of the assessee, dismissing the Revenue's challenge. Case-Laws Income Tax Wed, 13 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26119