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2013 (11) TMI 128 - ITAT BANGALOREIncome from land as agricultural income or business income – Held that:- Following Advanta India Ltd. [2010 (6) TMI 673 - ITAT BANGALORE] - Concerned village authorities had granted permission to the assessee to carry out agricultural activities on the land - The assessee had carried out only agricultural activities on the land in the relevant period, growing thereon red, yellow and green capsicum, culinary herbs, etc., which were both sold in the domestic market and exported to the Netherlands - The immediate source of the income is agricultural operation conducted by the assessee on the land and land alone and consequently the same is liable to be treated only as agricultural income – Assessing Officer's contention that the assessee cannot own agricultural land, as per the Karnataka Land Reforms Act, 1961, has no relevance to the issue on hand. - Decided against Revenue.
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