https://www.taxtmi.com/caselaws?id=60828 Income received by a usufructuary mortgagee in possession from agricultural land is agricultural income where it is derived directly from the land and its cultivation. The assessee had advanced loans on usufructuary mortgage, obtained possession under registered mortgage deeds, and in some cases leased the land back to the mortgagors for cultivation in return for chokota. The decisive factor was that the receipts arose from possession of agricultural land and not from an independent contractual source. The income was therefore treated as agricultural income and not taxable revenue income, and the view in favour of the assessee was upheld. en-us Tue, 15 May 1984 00:00:00 +0530 Sat, 08 Jan 2011 12:16:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60828 Income received by a usufructuary mortgagee in possession from agricultural land is agricultural income where it is derived directly from the land and its cultivation. The assessee had advanced loans on usufructuary mortgage, obtained possession under registered mortgage deeds, and in some cases leased the land back to the mortgagors for cultivation in return for chokota. The decisive factor was that the receipts arose from possession of agricultural land and not from an independent contractual source. The income was therefore treated as agricultural income and not taxable revenue income, and the view in favour of the assessee was upheld. Case-Laws Income Tax Tue, 15 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60828