https://www.taxtmi.com/caselaws?id=199674 The Tribunal's decision to allow the deduction under section 32AB of the Income-tax Act for income classified as agricultural income was upheld. The Tribunal considered income from the sale of Eucalyptus wood as agricultural income exempt from tax but part of business profit, emphasizing that income earned from agricultural operations on leased land constituted agricultural income eligible for deduction. The Tribunal's interpretation of 'eligible business' allowed for adjustments in income computation, affirming that the petitioner was entitled to the benefit of section 32AB due to compliance with relevant provisions and interconnected nature of business activities. The petition for reference to the High Court was dismissed based on established legal principles. en-us Wed, 25 Jan 1995 00:00:00 +0530 Fri, 09 Mar 2018 12:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199674 The Tribunal's decision to allow the deduction under section 32AB of the Income-tax Act for income classified as agricultural income was upheld. The Tribunal considered income from the sale of Eucalyptus wood as agricultural income exempt from tax but part of business profit, emphasizing that income earned from agricultural operations on leased land constituted agricultural income eligible for deduction. The Tribunal's interpretation of 'eligible business' allowed for adjustments in income computation, affirming that the petitioner was entitled to the benefit of section 32AB due to compliance with relevant provisions and interconnected nature of business activities. The petition for reference to the High Court was dismissed based on established legal principles. Case-Laws Income Tax Wed, 25 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199674