TMI Blog1972 (9) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... d should be limited to an amount equivalent to 25% of the net agricultural income or the gross agricultural income - - - - - Dated:- 19-9-1972 - Judge(s) : G. RAMANUJAM., V. RAMASWAMY. JUDGMENT The judgment of the court was delivered by RAMANUJAM J.-As the point arising in all these three tax cases is the same, they can be dealt with together, though they had been filed by different asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oss agricultural income received during the year. The learned counsel seeks support for that position from the decision of Rajagopalan J. in Soundarapandian and Bros. v. Agricultural Icome-tax Officer wherein it has been expressed : " I might, however, record that the learned Government Pleader conceded the claim of the petitioners, that the second proviso to section 5(k) was not correctly appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether the expression "agricultural income"occurring in the second proviso to section 5(k) has been used in a restrictive sense so as to mean only the taxable income, i.e., the income as computed under section 5. Section 5 provides for computation of the agricultural income and it says that the agricultural income of a person shall be computed after making the deductions set out in various sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew that the assessees in these cases are entitled to deduction in the previous year on the amounts borrowed and actually spent on the land up to 25% of the gross agricultural income. The view of the Appellate Tribunal in this regard is, therefore, modified. But the order of the Tribunal directing remand of the matter for finding out whether the sums borrowed had actually been spent on the land w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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