https://www.taxtmi.com/caselaws?id=122176 Income from the sale of basic or foundation seeds is treated as agricultural income where the seeds are produced through primary and subsequent agricultural operations such as cultivation, watering, manuring and weeding, and the resulting receipts fall within section 2(1A) and are exempt under section 10(1). Where an assessee carries on both agricultural and commercial activities, common research and development expenditure cannot be fully deducted as business expenditure if part of it relates to exempt agricultural activity. In that situation, deduction is confined to the portion attributable to the taxable commercial division, with apportionment on a reasonable basis. en-us Fri, 18 Jun 2010 00:00:00 +0530 Thu, 09 Aug 2012 11:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122176 Income from the sale of basic or foundation seeds is treated as agricultural income where the seeds are produced through primary and subsequent agricultural operations such as cultivation, watering, manuring and weeding, and the resulting receipts fall within section 2(1A) and are exempt under section 10(1). Where an assessee carries on both agricultural and commercial activities, common research and development expenditure cannot be fully deducted as business expenditure if part of it relates to exempt agricultural activity. In that situation, deduction is confined to the portion attributable to the taxable commercial division, with apportionment on a reasonable basis. Case-Laws Income Tax Fri, 18 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122176