https://www.taxtmi.com/caselaws?id=39920 Sale proceeds from cardamom stock are taxable as agricultural income in the year of sale under the Madras Plantations Agricultural Income-tax Act, 1955, because the charge attaches to the monetary return derived from the plantation when the produce is disposed of, not merely when it is harvested. Earlier-year accumulation does not by itself defer taxation, and the cited precedent only recognises that use of produce in the assessee's business may amount to agricultural income; it does not make income accrue before disposal. The compounding plea also fails where there is no proof that the cardamom sold in the relevant year had already been taxed in earlier compounding years. en-us Wed, 26 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39920 Sale proceeds from cardamom stock are taxable as agricultural income in the year of sale under the Madras Plantations Agricultural Income-tax Act, 1955, because the charge attaches to the monetary return derived from the plantation when the produce is disposed of, not merely when it is harvested. Earlier-year accumulation does not by itself defer taxation, and the cited precedent only recognises that use of produce in the assessee's business may amount to agricultural income; it does not make income accrue before disposal. The compounding plea also fails where there is no proof that the cardamom sold in the relevant year had already been taxed in earlier compounding years. Case-Laws Income Tax Wed, 26 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39920