Commissioner Of Income Tax vs Ambat Echukutty Menon

Authority: Supreme Court Date: 1979-07-06 AY: 1961-62 Section: 4 Acts: Income Tax Act 1961 Result: Assessee Citation: (1979) 12 CTR (SC) 395 : (1979) 120 ITR 70 (SC) : (1979) 2 TAXMAN 293 Justices: N.L. Untwalia & R.S. Pathak, JJ. Appeal No: Civil Appeals Nos. 2242 to 2247 of 1972
Whether receipts from sale of trees of spontaneous growth were assessable to tax as revenue income --- Held No; Whether the whole sum of Rs. 1,75,000 was assessable in the assessment year 1961-62 --- Held No; Whether penalty proceedings under sections 271(1)(a) and 273(b) were justified --- Held No

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