2002 (2) TMI 79

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....A PANDIAN J.-The revision in T.C. (R) No. 450 of 1999 is filed against the order of the Tribunal, whereby a sum of Rs.94,571.91 has been disallowed on the ground that this claim would not come within the purview of section 5(e) of the Tamil Nadu Agricultural Income-tax Act, 1955. Heard learned counsel on either side. The abovesaid amount has been claimed as exemption on the ground the said a....

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....us the claim would come only under section 5(k). Even if the expenditure is coverable under section 5(e) of the Act, exemption could not be granted in view of the restriction contained in section 5(k) which is a specific provision. The reason given by the Tribunal is erroneous in our view. Section 5(e) of the Act was considered by this court on an earlier occasion and held as in the nature of r....

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....sed it for the purpose of agriculture, those expenses will come under the expression "for the purpose of the land" under section 5(e). So far as the present case is concerned, the amount of Rs. 94,571.91 has been stated to be the interest on the amount borrowed and expended for construction of roads, revetments, fencing, boundaries, irrigation and purchase of sprayers, machineries, pipes, overh....