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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Income derived by the assessee from the production of ...

Income Tax

March 28, 2015

Income derived by the assessee from the production of foundation/basic seeds as well as hybrid seeds constituted income eligible for exemption under S.10(1) of the Act, being agricultural income - AT

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  1. Assessing Officer was not justified in treating agricultural income in respect of sale of breeder seeds and foundation seeds as non-agricultural income - AT

  2. Exemption u/s 10 (1) - agriculture income - contract farming - Merely because the assessee took the land on lease for conducting their research operations to produce the...

  3. Agricultural activity or not - production of specialized seeds in the leased lands, (1) making of certified seeds; (2) undertaking other processing activities and...

  4. Deduction under section 80IB - Nature of processing charges received by assessee - Assessee is engaged in the business of manufacturing of agro chemical products and...

  5. Dividend received by the assessee has no direct nexus with the profits and gains derived from the manufacturing activity and industrial undertaking - Not eligible for...

  6. The amount received by the assessee towards notice period is to be treated as income derived from the eligible undertaking and deduction u/s 10A shall be allowed - AT

  7. The foreign exchange gain was income derived by export business of the assessee, and, eligible for deduction u/s 10A of the Act - AT

  8. Cenvat credit – Inputs used in trial productions or destructive testing or trial production also are eligible for Cenvat credit. - AT

  9. Revision u/s 263 - agricultural activity - Seeds cannot be produced without basic agricultural activities. The assessee has sold the seeds and must have carried out the...

  10. Eligibility for deduction u/s. 80 IC - whether milk is an item of production eligible for deduction? - CIT(A) allowed claim - profit derived from production of milk is...

 

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