https://www.taxtmi.com/caselaws?id=7265 A payment made to financiers under an agreement providing for repayment on a contingency and profits in lieu of interest was treated as a borrowing, not an investment, so the amount was revenue expenditure laid out wholly and exclusively for the purpose of the land and deductible under section 5(e) of the Madras Agricultural Income-tax Act, 1955. The court also treated the disallowance of part of the cultivation and management expenses as turning on the merits of the claim and found no substantial question of law on that item, so the disallowance was sustained. en-us Mon, 26 Jun 1967 00:00:00 +0530 Mon, 16 Feb 2009 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7265 A payment made to financiers under an agreement providing for repayment on a contingency and profits in lieu of interest was treated as a borrowing, not an investment, so the amount was revenue expenditure laid out wholly and exclusively for the purpose of the land and deductible under section 5(e) of the Madras Agricultural Income-tax Act, 1955. The court also treated the disallowance of part of the cultivation and management expenses as turning on the merits of the claim and found no substantial question of law on that item, so the disallowance was sustained. Case-Laws Income Tax Mon, 26 Jun 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7265