Law:

Section:

Section 2(1A), read with section 10(1) of the Income-tax Act, 1961 (Corresponding to section 2(1), read with section 4(3)(viii) of the Indian Income-tax Act, 1922) - Agricultural income - Assessment year 1941-42 - Whether interest on arrears of rent of agricultural land is agricultural income within meaning of section 2(1) and as such exempt from tax under section 4(3)(viii) of 1922 Act - Held, yes FACTS The assessee received during the year of account certain amount as interest on arrears of rent of agricultural land. The ITO included this sum in his assessment for 1941-42. On appeal, the AAC ordered to exclude the amount from the assessment. The order of the AAC was confirmed by the Tribunal. On reference: HELD Interest on arrears of rent of agricultural land was agricultural income within meaning of section 2(1) and as such exempt from tax under section…

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