https://www.taxtmi.com/caselaws?id=285603 Whether receipts collected by a mortgagee under a usufructuary mortgage qualify as agricultural income was addressed: where the mortgage document vests possession and the mortgagee collects rents and functions as limited proprietor, the receipts retain the character of agricultural income; contractual terms such as fixed collection deductions or mortgagor inspection rights do not change that character. The operative effect is that such receipts fall within the exemption under Section 4(3)(viii) of the Income-tax Act, 1922 and the revenue assessment was found unsustainable. en-us Thu, 13 Dec 1934 00:00:00 +0530 Sat, 18 Jan 2020 16:44:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285603 Whether receipts collected by a mortgagee under a usufructuary mortgage qualify as agricultural income was addressed: where the mortgage document vests possession and the mortgagee collects rents and functions as limited proprietor, the receipts retain the character of agricultural income; contractual terms such as fixed collection deductions or mortgagor inspection rights do not change that character. The operative effect is that such receipts fall within the exemption under Section 4(3)(viii) of the Income-tax Act, 1922 and the revenue assessment was found unsustainable. Case-Laws Income Tax Thu, 13 Dec 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285603