Kalpetta Estates Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1996-07-16 AY: 1968-69, 1969-70, 1970-71, 1971-72, 1972-73, 1973-74, 1974-75, 1975-76 Section: 2(24), 45, 55(2) Acts: Income Tax Act 1961 Result: Assessee Citation: (1996) 135 CTR (SC) 85 : (1996) 221 ITR 601 (SC) : (1996) 87 TAXMAN 281 Justices: B.P. Jeevan Reddy & K.S. Paripoornan, JJ. Appeal No: Civil Appeals Nos. 9188 to 9190, 9191 to 9203 & 9205 to 9220 of 1996
Whether capital gains tax is exigible on sale of old and unyielding rubber trees --- Held No. Whether rubber replantation subsidy received from Rubber Board is a revenue receipt taxable as income --- Held No.

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