https://www.taxtmi.com/caselaws?id=49683 Dividend received by a shareholder from tea companies was not agricultural income merely because the companies' profits included agricultural income in their hands. Agricultural income under the Income-tax Act must be rent or revenue derived directly from land used for agricultural purposes, and dividend arises from the shareholder's investment in shares and the contractual rights of membership, not from any direct interest in the company's land or property. As a company is a separate juristic person from its shareholders, the agricultural character of the company's income does not attach to the dividend. The dividend was therefore taxable in the shareholder's hands. en-us Thu, 28 Oct 1954 00:00:00 +0530 Wed, 01 Jun 2016 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49683 Dividend received by a shareholder from tea companies was not agricultural income merely because the companies' profits included agricultural income in their hands. Agricultural income under the Income-tax Act must be rent or revenue derived directly from land used for agricultural purposes, and dividend arises from the shareholder's investment in shares and the contractual rights of membership, not from any direct interest in the company's land or property. As a company is a separate juristic person from its shareholders, the agricultural character of the company's income does not attach to the dividend. The dividend was therefore taxable in the shareholder's hands. Case-Laws Income Tax Thu, 28 Oct 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49683