1995 (8) TMI 24

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....ssessee under section 54 of the Tamil Nadu Agricultural Income-tax Act, 1955, and the question is whether the sum of Rs. 5,61,542,50 paid as interest on loan borrowed by the assessee is allowable as deduction in computing the total agricultural income under section 5(e) of the Tamil Nadu Agricultural Income-tax Act (hereinafter referred to as "the Act") as contended by the assessee. The Tribunal h....

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....squarely comes under section 5(k) of the Act, no deduction can be claimed beyond the limits prescribed under section 5(k) of the Act. She also relied on the decisions reported in CIT v. Carborundum Universal Ltd. [1977] 110 ITR 621 (Mad) and Sakthi Estates v. State of Tamil Nadu [1990] 185 ITR 600 (Mad). We have considered the rival submissions. There is no dispute regarding the law to be appli....