https://www.taxtmi.com/caselaws?id=21412 Parliament was held competent to include certain agricultural land within the definition of a capital asset for capital gains purposes, as the constitutional concept of agricultural income is read in line with income-tax law and any overlap with the State field is incidental. Compensation received on compulsory acquisition of agricultural land falling within the statutory exceptions was treated as a capital receipt chargeable to capital gains tax, not agricultural income. Interest paid on delayed compensation was treated as a separate revenue receipt, taxable under the Income-tax Act, and subject to tax deduction at source under section 194A, subject to the statutory exception where the payee furnishes the required affidavit or statement. en-us Fri, 13 Dec 1991 00:00:00 +0530 Fri, 10 Nov 2017 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21412 Parliament was held competent to include certain agricultural land within the definition of a capital asset for capital gains purposes, as the constitutional concept of agricultural income is read in line with income-tax law and any overlap with the State field is incidental. Compensation received on compulsory acquisition of agricultural land falling within the statutory exceptions was treated as a capital receipt chargeable to capital gains tax, not agricultural income. Interest paid on delayed compensation was treated as a separate revenue receipt, taxable under the Income-tax Act, and subject to tax deduction at source under section 194A, subject to the statutory exception where the payee furnishes the required affidavit or statement. Case-Laws Income Tax Fri, 13 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21412