https://www.taxtmi.com/caselaws?id=23414 Section 5(k) of the Tamil Nadu Agricultural Income-tax Act applies only where borrowed funds are actually spent on the land from which agricultural income is derived in the relevant year; interest on such borrowings is deductible under that provision. Interest on borrowings used for maintaining immature coffee plants or other non-income-yielding areas does not satisfy that requirement and falls residually under section 5(e). The High Court thus clarified the narrower scope of section 5(k), rejected the Tribunal's contrary view on this distinction, and maintained the remand to the assessing authority. en-us Thu, 30 Nov 1989 00:00:00 +0530 Sat, 19 Dec 2009 11:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23414 Section 5(k) of the Tamil Nadu Agricultural Income-tax Act applies only where borrowed funds are actually spent on the land from which agricultural income is derived in the relevant year; interest on such borrowings is deductible under that provision. Interest on borrowings used for maintaining immature coffee plants or other non-income-yielding areas does not satisfy that requirement and falls residually under section 5(e). The High Court thus clarified the narrower scope of section 5(k), rejected the Tribunal's contrary view on this distinction, and maintained the remand to the assessing authority. Case-Laws Income Tax Thu, 30 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23414