https://www.taxtmi.com/caselaws?id=190565 Dividend received by a shareholder from a company whose profits partly derive from agricultural activity is not agricultural income under Section 4(3)(viii) because the statutory test requires revenue to be derived directly from land; the immediate and effective source of a dividend is the company's declaration and the resultant debt to the shareholder, not the land. Authorities distinguishing partners from shareholders and applying the separate legal personality and intervening-obligation principles were applied; outcome: such dividends do not qualify for agricultural income exemption and remain taxable. en-us Fri, 28 Mar 1952 00:00:00 +0530 Sat, 18 Feb 2017 17:39:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190565 Dividend received by a shareholder from a company whose profits partly derive from agricultural activity is not agricultural income under Section 4(3)(viii) because the statutory test requires revenue to be derived directly from land; the immediate and effective source of a dividend is the company's declaration and the resultant debt to the shareholder, not the land. Authorities distinguishing partners from shareholders and applying the separate legal personality and intervening-obligation principles were applied; outcome: such dividends do not qualify for agricultural income exemption and remain taxable. Case-Laws Income Tax Fri, 28 Mar 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190565