1991 (9) TMI 19 - HC - Income Tax

Summary

The High Court of Madras dismissed the Revenue's revision against the Tamil Nadu Agricultural Income-tax Appellate Tribunal's order regarding the sale proceeds of old trees, ruling the receipts as capital in nature and not taxable. The court distinguished a previous case involving a similar agreement, stating that no latex was available for extraction in the current case. The tax case was dismissed with no costs awarded.