https://www.taxtmi.com/caselaws?id=65425 Income from production and sale of parent seeds was not entirely agricultural income, because the activity went beyond ordinary cultivation and market preparation. The assessee first developed breeder or germplasm seed through research and hybridisation, then re-cultivated successive generations to fix desired traits, which transformed the original produce into a specialised commercial product rather than a crop merely rendered fit for sale. However, the first crop raised from agricultural land, before further hybridisation and re-generation, retained an identifiable agricultural character. Accordingly, only the limited portion attributable to that initial agricultural production qualified as agricultural income, while the balance was assessable as business income. en-us Mon, 30 Nov 2009 00:00:00 +0530 Tue, 30 Jan 2024 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65425 Income from production and sale of parent seeds was not entirely agricultural income, because the activity went beyond ordinary cultivation and market preparation. The assessee first developed breeder or germplasm seed through research and hybridisation, then re-cultivated successive generations to fix desired traits, which transformed the original produce into a specialised commercial product rather than a crop merely rendered fit for sale. However, the first crop raised from agricultural land, before further hybridisation and re-generation, retained an identifiable agricultural character. Accordingly, only the limited portion attributable to that initial agricultural production qualified as agricultural income, while the balance was assessable as business income. Case-Laws Income Tax Mon, 30 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65425