COMMISSIONER OF AGRICULTURAL INCOME-TAX, KERALA vs NILAMBUR RUBBER — 1972 PTD 266

Citation: 1972 PTD 266

Court: Kerala High Court

Year: 1971

Decision Date: 1971-12-31

Parties: COMMISSIONER OF AGRICULTURAL INCOME-TAX, KERALA vs NILAMBUR RUBBER JUDGMENT

Headnotes

Case cited as 1972 PTD 266

Judgment Text

Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title:COMMISSIONER OF AGRICULTURAL INCOME-TAX, KERALA vs NILAMBUR RUBBER JUDGMENT Reported As: 1972 PTD 266 Result: references made Judgment JUDGMENT ISAAC, J.----These are two references made by the Kerala Agricultural Income-tax Appellate Tribunal under section 60(l) of the Agricultural Income-tax Act, 1950 (hereinafter referred to L as the Act), on the application of the Commissioner of Agricultural Income-tax, Kerala. The assessee is the same in both the cases ; and the questions of law referred are also the same, and they read as follows ---(1) Whether, in the circumstances of the case, the expenses for preparation of the agricultural income-tax returns are expenses allowable in determining the assessable income under the Agricultural Income-tax Act ? (2) Whether, in the circumstances of the case, the floating charge on the estates in Kerala will come under `mortgage or other capital charge' in section 5(f) of the Agricultural Income-tax Act ? (3) Whether the floating charge on the estate in Kerala can be a charge on the said property unless and until the amount or a portion of it becomes irrecoverable from the properties specifically mortgaged for the amount and such a contingency had not arisen in the accounting year ?" The assessee is an incorporated company, deriving agricultural income from lands situate in the States of Kerala and Mysore. The assessee had issued debentures for which its…

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