land which is cultivated with rubber and other agricultural crops. The rubber extracted by tapping of the rubber trees is an agricultural product ... agricultural operations like removal of deceased trees, wind fallen trees and thinning of trees and even extracting the rubber from latex from the tree
maintaining the rubber plantation and for producing rubber. There is no reference regarding the replantation or plantation of rubber trees. The amounts were paid with ... calculating the assessable agricultural income of a rubber estate consisting of mature yielding rubber trees and immature rubber plants which have not come into bearing
from Rubber Board is exempt under
Section 10 (31) of the I.T. Act.
Regarding the capital gain on the
sale of rubber trees ... that rubber replantation subsidy received by the
planters cannot be held to be revenue receipt and that when
old and unyielding rubber trees were sold
company which owned a rubber estate purchased by it along with the plantation thereon. The estate included rubber trees which, at the time of purchase ... were in a condition of producing latex. The rubber trees were sold by the company after they ceased to yield latex any further. In computing
before the Appellate Tribunal and contended that when a rubber estate is sold, the rubber trees in the estate constitute a capital asset and capital ... trees ? "
4. In order to sustain the claim that capital gain is exigible on the trees comprised in the rubber estate sold
rubber plantation. By an agreement dated 19th February, 1962, executed between the assessee and the Malabar Rubber Company, the assessee sold all the rubber trees ... between the assessee and the Malabar Rubber Company evidenced an outright sale of the rubber trees, that it was "incorrect to import any extraneous
trees were sold at the rate of Rs. 50 per tree and 13,640 trees were sold at the rate of Rs. 119 per tree ... sale of the trees. The Revenue pleaded that the trees were sold for timber value and so the value of the rubber tree which could
rubber replanting subsidy from the Rubber Board. It was claimed as non-taxable. The Income-tax Officer rejected this plea and held that the rubber ... During the same period, the assessee sold 3,386 old unyielding rubber trees for Rs. 65,820. It was pleaded that no capital gains arose
holding,--
(i) the value realised on the sale of the rubber trees would be less than the value as on January 1, 1954 ?
(ii) there ... respectively. The assessee is engaged in rubber plantation industry. It sold substantial unyielding rubber trees in both the years. The sale proceeds for the year
calculating the
assessable agricultural income of a rubber
estate already planted and containing both
mature yielding rubber trees and also immature
rubber plants which have ... produced rubber and the other 6/7 was in
process of cultivation for the production of rubber. It may
be added that rubber trees
