https://www.taxtmi.com/caselaws?id=60763 The Tribunal ruled that the profit from the sale of timber, derived from trees of spontaneous growth, was not chargeable to capital gains tax as there was no evidence of any cost of acquisition. The Tribunal rejected the Revenue's application for rectification under Section 254(2) of the Income Tax Act, maintaining that the original decision was correct in considering the sale proceeds as capital receipts. The Tribunal emphasized the absence of evidence supporting a cost of acquisition and upheld that the sale proceeds were not taxable as capital gains. en-us Wed, 20 Mar 1991 00:00:00 +0530 Fri, 07 Jan 2011 18:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60763 The Tribunal ruled that the profit from the sale of timber, derived from trees of spontaneous growth, was not chargeable to capital gains tax as there was no evidence of any cost of acquisition. The Tribunal rejected the Revenue's application for rectification under Section 254(2) of the Income Tax Act, maintaining that the original decision was correct in considering the sale proceeds as capital receipts. The Tribunal emphasized the absence of evidence supporting a cost of acquisition and upheld that the sale proceeds were not taxable as capital gains. Case-Laws Income Tax Wed, 20 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60763