1985 (2) TMI 34 - HC - Income Tax

Summary

The judgment in the case under the U.P. Agricultural Income-tax Act, 1948 held that the sale of timber from planted groves was not liable to be assessed as agricultural income. The sale proceeds of planted groves and trees were considered capital receipts and not taxable. The sum of Rs. 5,000 collected as advance rent was not taxable for the assessment year in question. The court ruled in favor of the assessee and awarded costs of Rs. 200.