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of <h1>Revised Tax Exemption Rules: Dairy Farms Qualify Without Owning Cattle u/s 10(27) of Income Tax Act.</h1> The circular addresses the interpretation of Section 10(27) of the Income Tax Act, 1961, regarding tax exemptions for dairy farming. Initially, the exemption was applicable only if the assessee owned the cattle. However, a recent case led to a revised interpretation, where maintaining a farm with facilities for milk production, even without owning cattle, qualifies as dairy farming under Section 10(27). The Board clarifies that the principal business should be milk production, not merely buying and selling milk, for the exemption to apply. All relevant officers are instructed to follow this updated guidance.
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