https://www.taxtmi.com/caselaws?id=285603 Income directly collected by a usufructuary mortgagee from tenants of mortgaged agricultural land retains its character as agricultural income, even when appropriated towards mortgage interest. The presence of clauses for deduction of collection expenses, annual inspection by the mortgagor, or the absence of a fixed rate of interest did not alter the essential nature of the receipts. Following earlier Full Bench authority, such receipts were treated as exempt agricultural income and not assessable to income tax. 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 Income directly collected by a usufructuary mortgagee from tenants of mortgaged agricultural land retains its character as agricultural income, even when appropriated towards mortgage interest. The presence of clauses for deduction of collection expenses, annual inspection by the mortgagor, or the absence of a fixed rate of interest did not alter the essential nature of the receipts. Following earlier Full Bench authority, such receipts were treated as exempt agricultural income and not assessable to income tax. Case-Laws Income Tax Thu, 13 Dec 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285603