https://www.taxtmi.com/caselaws?id=40058 Remission of interest previously allowed as a deduction under the Kerala Agricultural Income-tax Act did not itself constitute agricultural income when the creditor later waived the liability and the amount was credited in the assessee's accounts. The Supreme Court held that a mere remission is not a receipt arising from agricultural operations and, in the absence of a statutory deeming fiction, cannot be taxed as agricultural income. The assessee's mercantile method of accounting did not change the character of the waived sum. The remission amount was therefore not assessable to agricultural income-tax, and the issue was decided in favour of the assessee. en-us Tue, 15 Jul 1986 00:00:00 +0530 Tue, 29 Jul 2014 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40058 Remission of interest previously allowed as a deduction under the Kerala Agricultural Income-tax Act did not itself constitute agricultural income when the creditor later waived the liability and the amount was credited in the assessee's accounts. The Supreme Court held that a mere remission is not a receipt arising from agricultural operations and, in the absence of a statutory deeming fiction, cannot be taxed as agricultural income. The assessee's mercantile method of accounting did not change the character of the waived sum. The remission amount was therefore not assessable to agricultural income-tax, and the issue was decided in favour of the assessee. Case-Laws Income Tax Tue, 15 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40058