https://www.taxtmi.com/caselaws?id=177867 The ITAT upheld the CIT(A)'s decision regarding the disallowance of exemption claimed under section 10(1) of the Income Tax Act, stating that income from the cultivation of basic seeds qualifies as agricultural income and is exempt. However, the ITAT set aside the CIT(A)'s decision on the disallowance of expenditure under section 14A, ruling that the assessing officer correctly computed the disallowance under Rule 8D(2)(iii). The department's appeal was partly allowed concerning the disallowed expenditure, while the exemption claim was upheld. en-us Thu, 28 Aug 2014 00:00:00 +0530 Thu, 21 Jan 2016 07:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177867 The ITAT upheld the CIT(A)'s decision regarding the disallowance of exemption claimed under section 10(1) of the Income Tax Act, stating that income from the cultivation of basic seeds qualifies as agricultural income and is exempt. However, the ITAT set aside the CIT(A)'s decision on the disallowance of expenditure under section 14A, ruling that the assessing officer correctly computed the disallowance under Rule 8D(2)(iii). The department's appeal was partly allowed concerning the disallowed expenditure, while the exemption claim was upheld. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177867