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1970 (3) TMI 32 - HC - Income TaxAssessee produced sugar cane and used it as raw material in his Sugar industry - sugarcane grown by the assessee became its agricultural income, when it is used as a raw material. Therefore, the assessee was entitled to the deduction u/r 7 of the Income-tax Rules, 1962 - it is not necessary that the agricultural produce grown by the assessee should be sold - agricultural produce grown by the assessee would constitute agricultural income within the meaning of section 2(1) of Income-tax Act, 1961
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