COMMISSIONER OF INCOME-TAX, MADRAS vs K. S. IMAM SAHEB — 1972 PTD 397

Citation: 1972 PTD 397

Court: Madras High Court

Year: 1968

Decision Date: 1968-08-21

Parties: COMMISSIONER OF INCOME-TAX, MADRAS vs K. S. IMAM SAHEB

Headnotes

Case cited as 1972 PTD 397

Judgment Text

Court Name: Madras High Court Judge(s): A. Alagiriswa mi, K. Veeraswa mi Title: COMMISSIONER OF INCOME-TAX, MADRAS vs K. S. IMAM SAHEB Case No.: Tax (Reference No. 18 of 1965) Case No. 62 of 1965 Date of Judgment:1968-08-21 Reported As: 1972 PTD 397 Result: N/A JUDGMENT JUDGMENT VEERASWAMI, J.--This reference turns on the character of the income derived by the assessee in respect of the assessm ent years 1958-59 and 1959-60. If it is agricultural income, it would be exempt from the charge under section 4(3)(viii) of the Income-tax pct, 1922. The revenue as well as the Tribunal have all concurred in the view that the assessee will be entitled to the exemption. At the instance of the Commissioner of Income-tax therefore, this reference arises under section 66(1) and the question is: "Whether, on the facts and in the circumstances of the case, the two sums of Rs. 8,962 and Rs. 8,835 are agricultural income, exempt under section 4(3)(viii) ?" The assessee at the relevant time was a dealer in coconuts. He also took leases, the transactions have been. So described, of coconut thopes from different parties. Some of the transac--tions were registered and the others were not, but supported by acknowledgments by the lessors. There was a third category of transaction, evident from the entries in the account books. The assessee paid a fixed annual sum and was allowed to enjoy the fruits of the coconut trees for a stipulated period ranging from 1 to 3 years or even longer. Whether the…

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