Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Agricultural and business income apportionment excludes raw produce value and limits further cultivation deductions. Income that is partly agricultural and partly chargeable under the head Profits and gains of business is apportioned by deducting the market value of agricultural produce raised by the assessee or received as rent-in-kind and used as raw material in the business, or the sale receipts of such produce where included in the business accounts. No further deduction is allowed for expenditure incurred as a cultivator or recipient of rent-in-kind. Market value is based on average market price or, where no ordinary market sale exists, cultivation expenses, land revenue or rent, and reasonable profit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Agricultural and business income apportionment excludes raw produce value and limits further cultivation deductions.
Income that is partly agricultural and partly chargeable under the head Profits and gains of business is apportioned by deducting the market value of agricultural produce raised by the assessee or received as rent-in-kind and used as raw material in the business, or the sale receipts of such produce where included in the business accounts. No further deduction is allowed for expenditure incurred as a cultivator or recipient of rent-in-kind. Market value is based on average market price or, where no ordinary market sale exists, cultivation expenses, land revenue or rent, and reasonable profit.
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