https://www.taxtmi.com/caselaws?id=7535 A payment received under a hail-damage insurance clause for injury to green leaf in a tea estate was treated as agricultural income because it directly compensated loss to a growing crop forming part of agricultural operations. Rule 24 of the Income-tax Rules, 1922 was held inapplicable, as it governs only the sale of tea grown and manufactured by the seller and the apportionment between agricultural and manufacturing operations. A sum received in substitution of loss of agricultural produce retains the character of the source from which it arises when it represents profit of agricultural operations. The receipt was therefore exempt under section 4(3)(viii) of the Indian Income-tax Act, 1922. en-us Wed, 05 Feb 1969 00:00:00 +0530 Wed, 25 Feb 2009 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7535 A payment received under a hail-damage insurance clause for injury to green leaf in a tea estate was treated as agricultural income because it directly compensated loss to a growing crop forming part of agricultural operations. Rule 24 of the Income-tax Rules, 1922 was held inapplicable, as it governs only the sale of tea grown and manufactured by the seller and the apportionment between agricultural and manufacturing operations. A sum received in substitution of loss of agricultural produce retains the character of the source from which it arises when it represents profit of agricultural operations. The receipt was therefore exempt under section 4(3)(viii) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 05 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7535