https://www.taxtmi.com/caselaws?id=300291 Rent derived from land used for agricultural purposes remains exempt agricultural income, even where it arises under a usufructuary mortgage coupled with a lease-back arrangement. The Court treated the receipt as rent and not taxable business profit, held that the assessee's motive was irrelevant, and refused to recharacterise the transaction so as to defeat the statutory exemption. The rent was therefore not assessable to income-tax, and the reference was answered in the negative. en-us Wed, 01 Feb 1928 00:00:00 +0530 Fri, 21 Jan 2022 15:05:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300291 Rent derived from land used for agricultural purposes remains exempt agricultural income, even where it arises under a usufructuary mortgage coupled with a lease-back arrangement. The Court treated the receipt as rent and not taxable business profit, held that the assessee's motive was irrelevant, and refused to recharacterise the transaction so as to defeat the statutory exemption. The rent was therefore not assessable to income-tax, and the reference was answered in the negative. Case-Laws Income Tax Wed, 01 Feb 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300291