Supreme Court · 1964 INSC 144 · Decided 30 April 1964
S.S.GADGIL, Income-Tax Officer, Bombay v. Lal and Company
- Court
- Supreme Court of India
- Citation
- 1964 INSC 144 · [1964] 8 S.C.R. 72
- Case number
- CIVIL APPEAL No. 322/1963
- Decided
- 30 April 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 43, 34
Headnote
Madra1 v. C. 1. Coelho Sikri 1. 1964 April, 30. 72 SUPREME COURT REPORTS [1964] amount borrowed for the purchase of the plantation when the whole transaction of purchase and the working of the plantation is viewed as an integrated whole, is so closely related to the plantation that the is agricul­ tural income and not agricultural receipts. from the agri­ cultural receipts must be deducted all expenses which in ordinary conunercial accounting must. be debited against the receipts. There is nothing in the Act which prohibits such expenses from being deducted. No farmer
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