Supreme Court · 1996 INSC 747 · Decided 16 July 1996
M/S. Kalpetta Estates LTD. ETC. ETC. v. The Commissioner of Income-Tax, Cochin
- Court
- Supreme Court of India
- Citation
- 1996 INSC 747 · [1996] SUPP. 3 S.C.R. 620
- Case number
- CIVIL APPEAL No. 9188/1996
- Decided
- 16 July 1996
- Bench
- B.P. JEEVAN REDDY, K.S. PARIPOORNAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45, 55
Headnote
Income Tax Act, 1961. Ss.45 and 55(2}-Capital gaini-Sa/e of old and uneconomic mbber C trees-Held, no capital gain arose or accnted on such transactions--Co111- putatio11 of income-Replantation subsid)-Held, cannot be treated as revenue receipt and taxed as incon1e. The appellants, being owners of trees on various dates during the accounting years relevant to D assessment years 1968-69 to 1978-79. The income tax Officer held that capital gains accrued to the assessee on such transactions and he brought to tax the difference in amount between the sale price of the old rubber trees sold and
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