https://www.taxtmi.com/caselaws?id=16502 Interest on borrowings used for land from which agricultural income is derived falls within section 5(k) of the Tamil Nadu Agricultural Income-tax Act, 1955 when the borrowed funds are actually spent on that land, and the deduction is confined to the statutory ceiling in that provision. The wider residuary deduction in section 5(e) does not permit a taxpayer to recharacterise interest already governed by section 5(k) or shift any disallowed portion to bypass the ceiling. Eligibility depends on the purpose of the borrowing and the actual use of the borrowed amount. Where the factual basis for those matters was not examined below, fresh scrutiny of the evidence is required. en-us Tue, 19 Aug 1997 00:00:00 +0530 Tue, 08 Sep 2009 12:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16502 Interest on borrowings used for land from which agricultural income is derived falls within section 5(k) of the Tamil Nadu Agricultural Income-tax Act, 1955 when the borrowed funds are actually spent on that land, and the deduction is confined to the statutory ceiling in that provision. The wider residuary deduction in section 5(e) does not permit a taxpayer to recharacterise interest already governed by section 5(k) or shift any disallowed portion to bypass the ceiling. Eligibility depends on the purpose of the borrowing and the actual use of the borrowed amount. Where the factual basis for those matters was not examined below, fresh scrutiny of the evidence is required. Case-Laws Income Tax Tue, 19 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16502