https://www.taxtmi.com/caselaws?id=18636 Interest on borrowed funds was examined under section 5(e) of the Tamil Nadu Agricultural Income-tax Act, 1955, against the alternative limit under section 5(k). The legal position was not disputed, but the factual foundation for applying section 5(e) was incomplete because the record did not clearly show that the borrowed money was used on land from which agricultural income was not derived. The description of expenditure as mostly for maintenance was held too vague to support a final factual finding. The matter was therefore remanded to the assessing authority for fresh determination, with liberty to the assessee to produce supporting proof, and the existing orders were set aside. en-us Mon, 21 Aug 1995 00:00:00 +0530 Sat, 31 Oct 2009 10:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18636 Interest on borrowed funds was examined under section 5(e) of the Tamil Nadu Agricultural Income-tax Act, 1955, against the alternative limit under section 5(k). The legal position was not disputed, but the factual foundation for applying section 5(e) was incomplete because the record did not clearly show that the borrowed money was used on land from which agricultural income was not derived. The description of expenditure as mostly for maintenance was held too vague to support a final factual finding. The matter was therefore remanded to the assessing authority for fresh determination, with liberty to the assessee to produce supporting proof, and the existing orders were set aside. Case-Laws Income Tax Mon, 21 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18636