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2014 (7) TMI 873 - HC - Income TaxAgriculture income - Bogus capital formation through shares - Rule 7 of the Income Tax Rules, 1962 – Held that:- Following Commissioner of Income Tax-I, Chandigarh Versus Rana Gurjit Singh [2011 (2) TMI 241 - PUNJAB AND HARYANA HIGH COURT] - Calculation made by the AO while working out non-agricultural income in the hands of the assessee, addition/disallowance in the hands of the assessee on account of non-agricultural income is not justified, as the conversion of raw seeds into pea seeds cannot be held as non-agricultural merely on the ground that there was a complete change from raw seeds into pea seeds which was not justified that the assessee changed such raw seeds into pea seeds, observing that the same was a highly perishable item which would have resulted in prospective loss in absence of marketability for the same – Decided against Revenue.
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