https://www.taxtmi.com/caselaws?id=28973 Compulsory acquisition compensation for agricultural land was treated as realisation of capital, not business profits, because the land continued to retain its agricultural character and had not been converted into trading stock. The receipt was also not agricultural income, since compensation for acquisition of the land's corpus is not revenue derived from land. Deductions for repairs and depreciation on house property were restricted where the assessee failed to show that the managing director's residential occupation was incidental to business or that the expenditure qualified in full as business expenditure. en-us Fri, 18 Dec 1981 00:00:00 +0530 Tue, 09 Mar 2010 11:27:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28973 Compulsory acquisition compensation for agricultural land was treated as realisation of capital, not business profits, because the land continued to retain its agricultural character and had not been converted into trading stock. The receipt was also not agricultural income, since compensation for acquisition of the land's corpus is not revenue derived from land. Deductions for repairs and depreciation on house property were restricted where the assessee failed to show that the managing director's residential occupation was incidental to business or that the expenditure qualified in full as business expenditure. Case-Laws Income Tax Fri, 18 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28973