1987 (6) TMI 8

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..... on an amount of Rs. 23,600 under the head " Capital gains " On the sale of rubber trees cut and sold by it. The plea of the assessee that the rubber trees are agricultural assets and cannot be considered as capital asset was negatived. The appeal filed before the Commissioner of Income-tax (Appeals) and the second appeal filed before the Appellate Tribunal were futile. There after, the petitioner .....

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..... R 314 (Ker). By relying on the said decisions, the Appellate Tribunal held that the amounts received on the sale of rubber trees, cut and sold by the assessee/petitioner is liable to tax as capital gains. The decision of the Appellate Tribunal is justified in law. The matter is settled by a series of decisions of this court. In the circumstances, we are of the view that no referable question of la .....

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