https://www.taxtmi.com/caselaws?id=69313 Rent received from land used for agricultural purposes retains its character as agricultural income even when paid under a lease, because section 2(1) covers rent or revenue derived from agricultural land. Where the lease is composite and includes a tea estate together with a factory and other non-agricultural assets, the agricultural component must be separated from the rest. Rule 8 was upheld as the proper basis for apportioning the lease income in such circumstances, so only the portion attributable to the tea estate land qualified for exemption. The assessee's exemption claim therefore succeeded to that extent. en-us Sat, 15 Sep 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:51:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69313 Rent received from land used for agricultural purposes retains its character as agricultural income even when paid under a lease, because section 2(1) covers rent or revenue derived from agricultural land. Where the lease is composite and includes a tea estate together with a factory and other non-agricultural assets, the agricultural component must be separated from the rest. Rule 8 was upheld as the proper basis for apportioning the lease income in such circumstances, so only the portion attributable to the tea estate land qualified for exemption. The assessee's exemption claim therefore succeeded to that extent. Case-Laws Income Tax Sat, 15 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69313