https://www.taxtmi.com/acts?id=3684 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. en-us Sat, 19 Jan 2008 22:45:54 +0530 Mon, 18 May 2026 15:34:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3684 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. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3684