KRISHNAN N Vs. STATE OF TAMIL NADU

JUDGEMENT

(1.) DESIRABLE it is, to pen down a common order in all these actions. The assessees are either holders of rubber or coffee estates in Nagarcoil or Yercaud. No doubt, the assessees are different and distinct persons. So too, the Assessing Officers. The assessment order also is not the same, but different.

(2.) BUT, none the less, one common thread runs in all those actions and such a common thread is none else than the question relatable to the disallowance of interest on borrowed capital either under clause (e) or (k) of section 5 of the Tamil Nadu Agricultural Income-tax Act, 1955 (Tamil Nadu Act V of 1955-for short "the Act"). Disallowance under either of the clauses, as aforesaid was right through from the Assessing Officer till up to the Tamil Nadu Agricultural Income-tax Appellate Tribunal, Madras 104 (for short "the Tribunal").

(3.) FOR the application of clause (k) of the said section, the following are the essential requisites :