1930 (4) TMI 8 - HC - Income Tax

Summary

The High Court of Madras held that amounts received from the sale of timber trees are considered income liable to Income Tax. The court rejected the assessee's argument that the decrease in capital due to the sale of trees should not be assessed as income. The court compared the sale of timber to other industries like mining and quarrying where similar principles apply. The court ruled in favor of the Commissioner of Income Tax and ordered the assessee to pay costs of Rs. 250.