Tag Archives: Agriculture income

No Income Tax on mushrooms grown in controlled conditions : ITAT

By | March 26, 2019
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The Hon’ble Supreme Court in the case of CIT Vs. Raja Benoy Kumar Sahas Roy (1957) [32 ITR 466] held that, income derived from some measure of cultivation of land with some expenditure of human skill and labour, renders the profit derived from the ‘product’ agriculture income which would be exempt u/s. 2(1A) of the… Read More »

CBDT to verify Agriculture income above Rs 1 Crore

By | March 13, 2016
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SECTION 2(1A) OF THE INCOME-TAX ACT, 1961 AGRICULTURAL INCOME  VERIFICATION OF GENUINENESS OF AGRICULTURAL INCOME SHOWN IN INCOME TAX RETURN BY ASSESSEES FOR ASSESSMENT YEARS 2011-12 TO 2013-14 LETTER F.NO.DGIT(S)/DIT(S)-3/AST/PIL MATTER/AGRICULTURAL INCOME/97/2015-16, DATED 10-3-2016 Kindly refer to subject matter. 2. It has been noticed that several assesses have declared income from agriculture of more than Rs.… Read More »