https://www.taxtmi.com/caselaws?id=35624 Deduction under the agricultural income-tax regime depends on a proximate nexus with the earning of agricultural income. Loss on sale of old machinery, tools and furniture was treated as a capital loss, and the stock exchange listing fee was held too remote from the process of producing and marketing agricultural output, so both were not deductible. Income from sale of nursery plants was treated as capital in character because it represented sale of part of the nursery capital asset, not agricultural income. Salary to the manager and contributions to provident fund and staff pension fund were allowed as deductible estate expenditure incurred for continuing employees. en-us Mon, 10 Nov 1980 00:00:00 +0530 Mon, 15 Mar 2010 16:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35624 Deduction under the agricultural income-tax regime depends on a proximate nexus with the earning of agricultural income. Loss on sale of old machinery, tools and furniture was treated as a capital loss, and the stock exchange listing fee was held too remote from the process of producing and marketing agricultural output, so both were not deductible. Income from sale of nursery plants was treated as capital in character because it represented sale of part of the nursery capital asset, not agricultural income. Salary to the manager and contributions to provident fund and staff pension fund were allowed as deductible estate expenditure incurred for continuing employees. Case-Laws Income Tax Mon, 10 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35624