https://www.taxtmi.com/caselaws?id=70955 Receipts from allowing a factory to draw water from a pond in agricultural land were held to be revenue in nature because the arrangement was a continuing commercial agreement with recurring annual consideration, and no capital asset was transferred or sold. The pond remained with the assessee, so the payments arose from exploitation of the water resource rather than from capital disposition. The receipts were also not agricultural income merely because the pond was situated on agricultural land. They were therefore taxable as revenue income and not exempt agricultural income or capital receipts. en-us Mon, 14 May 2001 00:00:00 +0530 Wed, 20 Apr 2011 13:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70955 Receipts from allowing a factory to draw water from a pond in agricultural land were held to be revenue in nature because the arrangement was a continuing commercial agreement with recurring annual consideration, and no capital asset was transferred or sold. The pond remained with the assessee, so the payments arose from exploitation of the water resource rather than from capital disposition. The receipts were also not agricultural income merely because the pond was situated on agricultural land. They were therefore taxable as revenue income and not exempt agricultural income or capital receipts. Case-Laws Income Tax Mon, 14 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70955