Court : Mumbai
Reported in : [1966]62ITR87(Bom)
..... to consider the question whether the salami receipts received by the zamindars for the settlement of agricultural land at the time of granting the lease could be regarded as agricultural income within the meaning of the assam agricultural income-tax act. salami in that case was charged and taken from the tenant before making a settlement ..... meaning of the word used in the definition of 'agricultural income' in section 2(1) (a) of the assam agricultural income-tax act, 1939. it had all the characteristics of a capital payment and it was not revenue. consequently, it was not agricultural income within the meaning of the act. now, according to the tribunal, the nature ..... made, whether it was a piece of virgin land or of an auction-purchase holding. 'agricultural income' as defined in the agricultural income-tax act was any rent or revenue derived from land, which was used for agricultural purposes. the question before their lordships was whether the salami receipts were rent or revenue derived .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)226CTR(Bom)551; [2009]183TAXMAN159(Bom)
..... madras v. g.j. coelho : [1964] 53 itr 186 the supreme court was dealing with the deduction claimed under section 5(e) of the madras plantations agricultural income-tax act, 1955. while considering the issue the court was pleased to observe that in principle there is no distinction between interest paid on capital borrowed for the acquisition of a ..... alleged conversion took place should be verified. directions were also issued that the claim can be considered with reference to the provisions of section 45(2) of the income-tax act.6. revenue is in appeal on the following questions:(a) whether in view of facts and circumstances of the case the hon'ble itat is justified in ..... [1994] 208 itr 616 : [1995] 80 taxman 572 where the calcutta high court took a view that under the provisions of section 36(1)(3) of the income-tax act, the only enquiry to be made is whether the payment of interest was in respect of capital borrowed for the purpose of assessee's business or profession. such amount borrowed .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(1)BomCR753; [1999]235ITR333(Bom)
..... circumstances of the case and on true and correct interpretation of section 8(6) of the maharashtra agricultural income-tax act, 1962 the tribunal was right in coming to conclusion (sic. assessee) that the dealer is not entitled to depreciation on the value of land which is cultivated ..... the assessee is to plant, grow, cultivate and produce sugar cane and other crops,trees etc. in respect of agricultural income derived by it from cultivation of land, the assessee is liable to pay tax under the maharashtra agricultural income tax act, 1962 ('act'). these references pertain to the assessment years 1974-75 to 1978-79. the dispute referred to this court by ..... orderdr. b.p. saraf, j.1. by these references under section 39(1) of the maharashtra agricultural income tax act, 1962, the maharashtra sales-tax tribunal has referred the following question of law to this court for opinion at the instance of the assessee :'whether on the facts and .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(4)ALLMR100; 2007(3)BomCR7
..... other. they convey different meanings.the apex court, in the said case was considering a question relating to interpretation of section 11(1) of the u.p. agricultural income tax act, 1948. the appellants before the apex court were the trustees of the estate settled on trust under the last will and testament of one j.j. holdsworth. ..... under the said act of 1949, notice of assessment of agricultural income-tax was issued to the trustees. the trustees applied under section 24(2) of the said act of 1949 before the agricultural income tax board. ultimately a statement of case was drawn up by the board and was submitted ..... land on behalf of beneficiaries and can the beneficiaries be said to be jointly interested in the land or in the agricultural income derived therefrom within the meaning of section 11(1) of the said act of 1948'. the high court answered the question by holding that the trustees could be said to be holding land on .....
Tag this Judgment!Court : Mumbai
Reported in : (1930)32BOMLR1541
..... furnished either with materials or reasons which would justify them in suggesting that any of the ten specified items could properly be described as agricultural income within the definition of agricultural income contained in section 2 (1) of the indian income-tax act, 1922. their lordships accordingly agree with the negative answer which has been given to question i.49. for the reasons given their lordships are ..... course of the hearing) they were in the following terms:--i. whether the following sources of income are agricultural and therefore exempted from assessment to income tax under section 4 (3) (viii) of the act? [then follow ten items which it is unnecessary to set out here.]ii, whether income derived from such of the above sources us wore not taken into consideration at the time .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(4)ALLMR52; 1999(3)BomCR691; 2000(1)MhLj637
..... of the water drawn by them from the source located in the agricultural land and it was also stated that the amount is not taxable under the income-tax act. similarly, in the following assessment years 1986-87, 1987-88 and 1988-89, the income received by the petitioner was disclosed in the income tax returns, by the petitioner in consideration of the water drawn by m ..... assessee claims that the water subsisting in the assessee's agricultural land is a capital asset and the amount received by her is in the nature of capital receipt. hence not taxable under the income tax act, 1961.'in the assessment year 1985-86, the petitioner disclosed in the income tax as well as in the wealth tax returns that she has received a sum of rs .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1955Bom227; (1955)57BOMLR130; ILR1955Bom289
..... court with regard to a notice under section 34 in -- 'commr. of agri. inc.- tax v. sultan ali : [1951]20itr432(cal) (c). the court there was considering the bengal agricultural income-tax act, 1944, which substantially corresponds with the income-tax act. in that case no notice was given under section 34, hut a notice was given under ..... section 22 (2), and in compliance with that notice a return was made. but the income-tax officer proceeded to assess under section 34, and ..... judge himself. in that case a certain notification was issued by the governor of bihar on 26-6-1940, retrospectively applying the provisions of the income-tax act to a certain division known as the chotanagpur division which was a partially excluded area, and a notice had been issued under section 22 (2) .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1953Bom1; (1952)54BOMLR595; [1952]22CompCas198(Bom); ILR1953Bom525; [1952]22ITR158(Bom)
..... the question must depend upon a correct appreciation of the relation between a company and its shareholders and the proper interpretation to bo placed upon the definition of 'agricultural income' in section 2 (1), income-tax act. now, there cannot be any question that a company in law is an entirely separate entity from the shareholders. a company is in no sense an agent of ..... ' view the pricciple to be derived from a consideration of the terms of the income-tax act and the autherities referred to is that where an assesses receives income, not itself of a character to fall within the definition of agricultural income contained in the act, such income does not assume the character of agricultural income by reason of the source from which it is derived or the method by .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)93CTR(Bom)36; [1991]189ITR359(Bom)
..... of manubhai a. sheth v. n. d. nirgudkar, 2nd ito : [1981]128itr87(bom) , held that the capital gains were not taxable under the income-tax act as they constitute agricultural income. the tribunal declined to refer the following question to us on the ground that the question is squarely covered by the decision of our high court in : ..... n. d. nirgudkar : [1981]128itr87(bom) . our high court held that profits or gains on sale of agricultural land would be 'revenue' within the meaning of section 2(1)(a) of the income-tax act, 1961. in this section, 'agricultural income' is defined to mean, inter alia, 'any rent or revenue derived from land which is situated in india and ..... gains' ?'3. in this connection, it is necessary to note the relevant provisions of section 2(14) of the income-tax act, 1961. under section 2(14)(iii), a capital asset does not include, inter alia, agricultural land in india not being land situated in any area which is comprised within the jurisdiction of a municipality or a .....
Tag this Judgment!Court : Mumbai
Reported in : 1986(2)BomCR409; 1985MhLJ376
..... its natural unmanufactured condition.in encyclopaedia britanica the subject of diary farming is treated as agriculture.10. the supreme court had an occasion to consider the meaning of the word 'agriculture' occurring in s. 2 of the income-tax act, 1922 in the case of commr. of income-tax v. benoy kumar saha roy, : [1957]32itr466(sc) . the supreme court ..... has observed in the said decision that although the word 'agriculture' in its root sense means ager, a field and culture, ..... adulterated within the meaning of the aforesaid sub-clause. the expression 'primary food' is defined in s. 2(xiia) of the act to mean 'any article of food, being a produce of agriculture or horticulture in its natural form.' it is clear from the proviso that if the article of food is a primary food as .....
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