1989 (9) TMI 50

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....ome tax Appellate Tribunal has referred the following two questions of law for the decision of this court : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the addition of rubber replanting subsidy ? (2) Whether, on the facts and in the circumstances of the case, income-tax for capital gains is exigible on the trees comprised in the....

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.... rise to any capital gains. The Revenue appealed before the Appellate Tribunal. The said appeal was dismissed holding that the rubber replantation subsidy did not constitute income liable to be taxed in the assessee's hands and that, in the case of the sale of an estate with trees, no question of assessment of capital gains on the sale of trees will arise. It is, thereafter, at the instance of the....