https://www.taxtmi.com/caselaws?id=168544 A recurring payment under a personal covenant, even when secured by a charge on land, was treated as taxable income rather than agricultural income. The payment did not constitute rent or revenue derived from land, because it arose from the covenant itself and not from land use or ownership. It was also not characterised as an instalment of a capital sum; the transfer of the estate in exchange for a life annuity showed that the periodic receipts were intended as income in the recipient's hands. The charging provision's word "income" was not confined by "profits and gains", and a periodical monetary return from a definite source fell within it. en-us Tue, 28 May 1935 00:00:00 +0530 Wed, 11 Mar 2015 16:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168544 A recurring payment under a personal covenant, even when secured by a charge on land, was treated as taxable income rather than agricultural income. The payment did not constitute rent or revenue derived from land, because it arose from the covenant itself and not from land use or ownership. It was also not characterised as an instalment of a capital sum; the transfer of the estate in exchange for a life annuity showed that the periodic receipts were intended as income in the recipient's hands. The charging provision's word "income" was not confined by "profits and gains", and a periodical monetary return from a definite source fell within it. Case-Laws Income Tax Tue, 28 May 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168544