UNDER WHICH HEAD SALE OF SANDAL TREE INCOME IS CHARGEABLE?

This query is : Resolved

Karthik (Querist)
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26 March 2011 CAN ANYONE TELL ME THAT, "SALE OF SANDAL WOOD TREE TO GOVERNMENT, AND RECEIVED AN AMOUNT OF RS.105000, IS THIS AMOUNT SHOULD TREATED AS AGRICULTURE INCOME OR TO BE CONSIDERED UNDER ANY OTHER HEADS OF INCOME?"

CONSIDER THE FOLLOWING POINTS ALSO
*TREE WAS NOT GROWN IN AGRICULTURE LAND.
*GROWTH OF TREE WAS NOT SPONTANEOUS

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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27 March 2011 Hi,

Considering your points, in My opinion it should be treated as income under the head " Profits or Gains of Business or Profession "

Thank you

Regards

CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons