https://www.taxtmi.com/caselaws?id=62798 Income received by guarantors under a guarantee arrangement can retain its character as agricultural income where the receipt is directly linked to agricultural operations on agricultural land. The text states that the parties were actively associated with cultivation, harvesting, sale of produce, pooling of resources and coordinated farm management, so the payment was not a mere contractual return but a share derived from farming activity. Agricultural income need not always depend on land ownership; the controlling factor is the real source and character of the receipt. If the arrangement functions as a modification of an earlier farming structure and the income springs directly from agricultural operations, exemption remains available. en-us Mon, 13 Jun 1983 00:00:00 +0530 Sun, 06 Feb 2011 02:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62798 Income received by guarantors under a guarantee arrangement can retain its character as agricultural income where the receipt is directly linked to agricultural operations on agricultural land. The text states that the parties were actively associated with cultivation, harvesting, sale of produce, pooling of resources and coordinated farm management, so the payment was not a mere contractual return but a share derived from farming activity. Agricultural income need not always depend on land ownership; the controlling factor is the real source and character of the receipt. If the arrangement functions as a modification of an earlier farming structure and the income springs directly from agricultural operations, exemption remains available. Case-Laws Income Tax Mon, 13 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62798