https://www.taxtmi.com/caselaws?id=27230 Agricultural income had to be computed under the regular accounting method, and the court held that pre-commencement agricultural loss could be carried forward where the statutory proviso applied to the loss of the previous year immediately before commencement. It further held that cultivation expenditure incurred in earlier years for crops harvested in the relevant year, as well as cess paid to bring the assessee's own sugarcane into the local area for factory use, were deductible in computing agricultural income. Profit on sale of machinery was not taxable as agricultural income because the depreciation-based proviso did not apply. Overhead expenses and depreciation on unsupported original cost were correctly disallowed, and the assessment was to be redone accordingly. en-us Fri, 10 Aug 1984 00:00:00 +0530 Thu, 11 Feb 2010 16:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27230 Agricultural income had to be computed under the regular accounting method, and the court held that pre-commencement agricultural loss could be carried forward where the statutory proviso applied to the loss of the previous year immediately before commencement. It further held that cultivation expenditure incurred in earlier years for crops harvested in the relevant year, as well as cess paid to bring the assessee's own sugarcane into the local area for factory use, were deductible in computing agricultural income. Profit on sale of machinery was not taxable as agricultural income because the depreciation-based proviso did not apply. Overhead expenses and depreciation on unsupported original cost were correctly disallowed, and the assessment was to be redone accordingly. Case-Laws Income Tax Fri, 10 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27230