https://www.taxtmi.com/caselaws?id=40005 The Supreme Court addressed the assessment under the Madras Agricultural Income-tax Act, 1955, focusing on the computation of agricultural income for the assessment years 1955-56 and 1956-57. The court held that agricultural income realized during the relevant previous year is crucial for assessment, regardless of when the crop was gathered. It was determined that the price realized by the sale should be assessed based on the accounting method maintained by the assessee. The court allowed the appeals, remanding the cases to the Tribunal for reassessment based on correct principles, with each party bearing their own costs. en-us Tue, 26 Sep 1972 00:00:00 +0530 Fri, 23 Apr 2010 10:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40005 The Supreme Court addressed the assessment under the Madras Agricultural Income-tax Act, 1955, focusing on the computation of agricultural income for the assessment years 1955-56 and 1956-57. The court held that agricultural income realized during the relevant previous year is crucial for assessment, regardless of when the crop was gathered. It was determined that the price realized by the sale should be assessed based on the accounting method maintained by the assessee. The court allowed the appeals, remanding the cases to the Tribunal for reassessment based on correct principles, with each party bearing their own costs. Case-Laws Income Tax Tue, 26 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40005