1995 (8) TMI 24 - HC - Income Tax

Summary

The court considered whether interest paid on a loan by the assessee is allowable as a deduction in computing total agricultural income. The Tribunal disallowed the sum, stating it falls under a specific section of the Act. The court remanded the matter to the assessing authority for fresh disposal, as there was no definite proof that the borrowed money was spent on land not generating agricultural income. The decision was based on previous case law.