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INCOME FROM SALE OF SEEDS AMOUNTS TO AGRICULTURAL INCOME

Income Tax - Direct Tax Code - DTC - By: - Mr. M. GOVINDARAJAN - Dated:- 19-9-2015 - Section 10(1) of the Income Tax Act, 1961 provides that in computing the total income of a previous year of any person, agricultural income shall not be included. Section 2(1A) of the Act defines the term agricultural income as- any rent or revenue derived from land which is situated in India and is used for agricultural purposes; any income derived from such land by- agriculture; or the performance by a cultiva .....

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rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on: Provided that- the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling hous .....

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er name) or a cantonment board and which has a population of not less than ten thousand; or in any area within the distance, measured aerially,- not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (A) and which has a population of more than ten thousand but not exceeding one lakh; or not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (A) and which has a population .....

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4) of this section ; Explanation 2.-For the removal of doubts, it is hereby declared that income derived from any building or land referred to in sub-clause (c) arising from the use of such building or land for any purpose (including letting for residential purpose or for the purpose of any business or profession) other than agriculture falling under sub-clause (a) or sub-clause (b) shall not be agricultural income; Explanation 3.-For the purposes of this clause, any income derived from saplings .....

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f Income Tax V. Prabhat Agri Biotech Limited - 2015 (9) TMI 640 - ITAT HYDERABAD the assessee is a company engaged in the business of seed production, research, marketing of field, vegetable crops and wind power generation. The assessee declared an agriculture income of ₹ 37,54,466 from the production of basic seeds and claimed exemption under Section 10(1) of the Act. The same was disallowed by the assessing officer. On appeal the Commissioner of Income Tax (Appeals) allowed the appeal of .....

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fore the Tribunal. The assessee contended the following: Right from the assessment year 2003 - 04 the same dispute with regard to the claim of exemption under Section 10(1) is going on; For the previous assessment years it has been held that the income generated on cultivation of basic foundation seeds is agricultural income and as such is exempt under Section 10(1) of the Act. The High Court considered the question for discussion as to whether the assessee s claim of exemption under Section 10( .....

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