https://www.taxtmi.com/caselaws?id=285694 A combined mortgage and lease executed on the same date was treated as one transaction, and its substance showed that the mortgagors remained in possession while paying a fixed return in the nature of interest. The receipt was therefore not agricultural income but interest arising from a simple mortgage, and exemption failed. Interest on Government securities was held taxable in the hands of the holder when receivable, regardless of private adjustments between vendor and purchaser. No deduction for collection expenses was available under the securities head because the Act did not expressly allow such expenditure. en-us Mon, 25 Nov 1929 00:00:00 +0530 Wed, 22 Jan 2020 14:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285694 A combined mortgage and lease executed on the same date was treated as one transaction, and its substance showed that the mortgagors remained in possession while paying a fixed return in the nature of interest. The receipt was therefore not agricultural income but interest arising from a simple mortgage, and exemption failed. Interest on Government securities was held taxable in the hands of the holder when receivable, regardless of private adjustments between vendor and purchaser. No deduction for collection expenses was available under the securities head because the Act did not expressly allow such expenditure. Case-Laws Income Tax Mon, 25 Nov 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285694