1998 (12) TMI 88

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..... s to the sale of unyielding rubber trees by the appellant plantation during the assessment years 1975-76, 1976-77 and 1977-78. There were two agreements by which the appellant sold the unyielding rubber trees. One agreement, dated March 30, 1974, expressly split the consideration thereunder between that for latex and that for fuel. The High Court held that in the face of the specific recital in .....

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..... annot agree with the High Court. We do not think that such a presumption was justified in the absence of a recital in the agreement or any other factor which indicated that latex was present and recoverable from the unyielding trees covered by the second agreement. In the circumstances, the appeals are allowed only to the extent hereinbefore stated. There shall be no order as to costs. .....

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