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TMI Blog1985 (3) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... rection to the Tribunal to state a case and refer the following question as arising from the order of the Tribunal: " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding and had valid materials to hold that the sale consideration of albezia trees was in the nature of agricultural income and hence it is not liable to capital gains tax under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income-tax (Appeals) against the reassessments made by the Income-tax Officer. Before the Appellate Assistant Commissioner, the assessee contended that since receipts from the sale of trees constituted agricultural income taxable under the Agricultural Income-tax Act, the same was not assessable as capital gains under the Income-tax Act. The Appellate Assistant Commissioner, however, rejected th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale proceeds from the disposal of shade trees represented agricultural income, that could not be taxed as capital gains under the Income-tax Act (sic). The Tribunal allowed the appeals of the assessee and deleted the capital gains assessed to tax by the Income-tax Officer for the three assessment years on the ground that once the sale proceeds of albezia trees have been taxed as revenue receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of the Agricultural Income-tax Act, as agricultural income, thus upholding the view of the Agricultural Income-tax Officer. Once the sale value of the trees is treated and assessed as agricultural income under the provisions of the Agricultural Income-tax Act, the same cannot be treated as capital receipts and charged as capital gains. It is no doubt true as pointed out by learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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