https://www.taxtmi.com/caselaws?id=290783 Agricultural income retains its exempt character under the Income-tax Act, 1922 even when received by a money-lender in the course of a lending transaction. The statutory exclusion for agricultural income applies to the character of the income itself, not to the character of the recipient or the business context in which it is collected. Because the thika profits were derived from land used for agricultural purposes and fell within the Act's definition of agricultural income, they were outside taxable business income and remained exempt. en-us Tue, 02 Jul 1935 00:00:00 +0530 Thu, 15 Oct 2020 16:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290783 Agricultural income retains its exempt character under the Income-tax Act, 1922 even when received by a money-lender in the course of a lending transaction. The statutory exclusion for agricultural income applies to the character of the income itself, not to the character of the recipient or the business context in which it is collected. Because the thika profits were derived from land used for agricultural purposes and fell within the Act's definition of agricultural income, they were outside taxable business income and remained exempt. Case-Laws Income Tax Tue, 02 Jul 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290783