https://www.taxtmi.com/caselaws?id=61782 The High Court ruled against the assessee regarding the deduction of expenditure for valuing estates, denying it as a business expense. The Tribunal held that the rubber replantation subsidy is not taxable income under the Income Tax Act, following the decision in CIT v. Malayalam Plantations Ltd. The nature of the subsidy as agricultural or non-agricultural was left undecided by the High Court. The Appellate Tribunal found the subsidy to be agricultural in nature, partially allowing the appeal in favor of the assessee. en-us Wed, 04 Nov 1987 00:00:00 +0530 Fri, 14 Jan 2011 18:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61782 The High Court ruled against the assessee regarding the deduction of expenditure for valuing estates, denying it as a business expense. The Tribunal held that the rubber replantation subsidy is not taxable income under the Income Tax Act, following the decision in CIT v. Malayalam Plantations Ltd. The nature of the subsidy as agricultural or non-agricultural was left undecided by the High Court. The Appellate Tribunal found the subsidy to be agricultural in nature, partially allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 04 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61782