https://www.taxtmi.com/caselaws?id=49265 Sale proceeds from old, unyielding rubber trees cut down after they ceased to yield latex were treated as capital receipts, not agricultural income. The Court reasoned that the statutory definition of agricultural income under section 2(a) of the Kerala Agricultural Income-tax Act, 1950 did not extend to proceeds from trees forming part of the capital structure of the estate. Because the trees were not grown for sale as produce but were used to earn latex, their disposal represented realization of capital asset value rather than income derived from agriculture. en-us Wed, 15 Dec 1965 00:00:00 +0530 Thu, 26 Feb 2015 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49265 Sale proceeds from old, unyielding rubber trees cut down after they ceased to yield latex were treated as capital receipts, not agricultural income. The Court reasoned that the statutory definition of agricultural income under section 2(a) of the Kerala Agricultural Income-tax Act, 1950 did not extend to proceeds from trees forming part of the capital structure of the estate. Because the trees were not grown for sale as produce but were used to earn latex, their disposal represented realization of capital asset value rather than income derived from agriculture. Case-Laws Income Tax Wed, 15 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49265