https://www.taxtmi.com/caselaws?id=258004 Seed production through cultivation on owned, leased or contract-farmed agricultural land retains its agricultural character despite scientific methods and technical supervision, supporting exemption of resulting income under section 10(1). Where investments yielding exempt income are covered by sufficient own funds, interest expenditure is not attributable to those investments for section 14A purposes. However, common administrative expenditure attributable to investment activity may remain disallowable under Rule 8D. The principles distinguish agricultural seed-production income from expenditure directly connected with earning exempt income. en-us Fri, 20 Mar 2015 00:00:00 +0530 Sat, 28 Mar 2015 08:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258004 Seed production through cultivation on owned, leased or contract-farmed agricultural land retains its agricultural character despite scientific methods and technical supervision, supporting exemption of resulting income under section 10(1). Where investments yielding exempt income are covered by sufficient own funds, interest expenditure is not attributable to those investments for section 14A purposes. However, common administrative expenditure attributable to investment activity may remain disallowable under Rule 8D. The principles distinguish agricultural seed-production income from expenditure directly connected with earning exempt income. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258004