Agricultural income or not - Profit from the sale of Jaggery - ...

Income Tax

June 30, 2021

Agricultural income or not - Profit from the sale of Jaggery - As also seen that though manufacturing of jaggery can be done by a small scale by a group of farmers by extracting juice from fresh sugarcane which is filtered and boiled in wide yellow shallow iron pans with continuous stirring and also adding soda or other similar chemicals to get the jaggery, it is evident that the process of converting sugarcane into jaggery is not an essential one to make sugarcane marketable and there is more profit in making it as jaggery and selling. If the exemption of agricultural income is extended to the sale of jaggery, it would only facilitate many agriculturists to claim this exemption and carrying revenue loss to the exchequer. - HC

View Source

← Previous Next →

Agricultural income or not - Profit from the sale of Jaggery - ...

Income Tax

June 30, 2021

You may also like:

LTCG - no capital gains arises on the sale of agricultural land even though purchaser purchased the property with an intention of selling it for non-agricultural purposes - AT

Benefit of small scale exemption - Use of brand name of others - brand name registered in favor of others for different goods -Benefit of Notification 8/2003 dated...

Small scale (SSI) exemption - initial clearances at full rate of duty will not result in denial of SSI Exemption benefit for the entire period - AT

SSI Exemption - Brand name - Demand - Limitation - if the brand name is being used on two different products, the debarring clause of small scale exemption notification...

Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...

Agricultural income - Addition on account of income from sale of coconuts - assessee is a small time farmer. - 50% income from sale of coconut is directed to be...

Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

Deduction u/s 80IB - deduction to small scale industrial units engaged in manufacture or producing articles or things. - reduction in investment limit from Rs. 3 crore...

CENVAT credit - input services of security services provided to group of farmers under an agreement - appellant entitled for credit as input service - AT

Quick Updates: