https://www.taxtmi.com/caselaws?id=288993 A partner's share of agricultural income from a registered firm was to be computed separately, and the available deductions depended on the agricultural income tax provisions. Interest on borrowed capital used to acquire a tea estate did not qualify under section 5(k) because that provision applied only where borrowed funds were actually spent on the land itself. The interest was, however, not capital expenditure or personal expense and was treated as an expenditure laid out wholly and exclusively for the purpose of the land under section 5(e). The deduction was therefore allowable in computing the partner's agricultural income. en-us Tue, 09 Jan 1962 00:00:00 +0530 Thu, 09 Jul 2020 10:02:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288993 A partner's share of agricultural income from a registered firm was to be computed separately, and the available deductions depended on the agricultural income tax provisions. Interest on borrowed capital used to acquire a tea estate did not qualify under section 5(k) because that provision applied only where borrowed funds were actually spent on the land itself. The interest was, however, not capital expenditure or personal expense and was treated as an expenditure laid out wholly and exclusively for the purpose of the land under section 5(e). The deduction was therefore allowable in computing the partner's agricultural income. Case-Laws Income Tax Tue, 09 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288993