https://www.taxtmi.com/caselaws?id=6405 Agricultural produce grown in a tea estate and used in the assessee's tea business is to be valued at market value, not merely at cost of cultivation, where that same produce has already been treated as agricultural income on a market-value basis. The commercial measure applied is that the value of goods consumed in the business represents the real expenditure incurred for business purposes, even though the goods were self-produced. On that basis, the assessee could not exclude the market value of the produce from deductible expenditure under rule 24, and the issue was answered against the assessee. en-us Tue, 03 Apr 1973 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6405 Agricultural produce grown in a tea estate and used in the assessee's tea business is to be valued at market value, not merely at cost of cultivation, where that same produce has already been treated as agricultural income on a market-value basis. The commercial measure applied is that the value of goods consumed in the business represents the real expenditure incurred for business purposes, even though the goods were self-produced. On that basis, the assessee could not exclude the market value of the produce from deductible expenditure under rule 24, and the issue was answered against the assessee. Case-Laws Income Tax Tue, 03 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6405