https://www.taxtmi.com/caselaws?id=180076 Agricultural income derived as thika profits from land used for agricultural purposes remained exempt under the taxing statute, because the exemption attaches to the character of the receipt itself. The fact that the recipient was engaged in money-lending did not convert the receipt into taxable business income, since agricultural income is expressly excluded from the scope of the Act. The amount therefore could not be assessed merely because it was received in the course of a business activity, and the claimed exemption was upheld. en-us Tue, 02 Jul 1935 00:00:00 +0530 Wed, 16 Mar 2016 11:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180076 Agricultural income derived as thika profits from land used for agricultural purposes remained exempt under the taxing statute, because the exemption attaches to the character of the receipt itself. The fact that the recipient was engaged in money-lending did not convert the receipt into taxable business income, since agricultural income is expressly excluded from the scope of the Act. The amount therefore could not be assessed merely because it was received in the course of a business activity, and the claimed exemption was upheld. Case-Laws Income Tax Tue, 02 Jul 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180076