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TMI Blog1980 (5) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee from M/s. Hoechst Pharmaceuticals Ltd. constituted agricultural Income. Briefly stated the relevant facts are that the assessee, a partnership firm, deals in real estate. By a lease agreement dt. 19th May, 1972 it had given on lease a plot of land to M/s. Hoechst Pharmaceuticals Ltd. The lease rent received for the previous year amounted to Rs. 24,636. The assessee claimed that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e should be derived from land, (b) the land should be situate in India, and (c) the land should be used for agricultural purposes, the AAC has held that all the three conditions are satisfied in this case. He has, for the purpose referred to the comments of the ld. commentators, Kanga and Palkhivala in their treatise on "Law and Practice of Income Tax" and also to the certificate dt. 21st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AAC. Reference has also been made by Shri Patil, the assessee's counsel to s. 2(1)(a) of the IT Act, 1961 and the conditions laid down therein to show that all the three conditions to constitute agricultural income are fully satisfied in this case. 4. After hearing the parties and after going through the facts on record, I am of the opinion that the arguments advanced on behalf of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the earlier or subsequent years. Moreover the land in dispute is also assessed to land revenue. Having regard to the above discussion, I further hold that the decisions relied upon by the Deptl. Rep. are not applicable and the comments quoted by the AAC in his order from Kanga and Palkhivala "Law and Practice of Income Tax" are applicable. 5. In the result, the appeal is dismissed. - - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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