https://www.taxtmi.com/caselaws?id=369924 Production of breeder, foundation and certified seeds on leased lands was treated as agricultural activity where the lease-cum-cultivation arrangements were genuine, the assessee bore the substantial farming burden, and the operations involved real expenditure on cultivation inputs; the resulting income was held exempt as agricultural income under section 10(1). The Tribunal also held that disallowance under section 14A read with Rule 8D(2) could not be made for years in which no exempt dividend income was actually earned, and deleted the disallowance. The Revenue's appeals were dismissed and the appellate relief was sustained. en-us Fri, 02 Nov 2018 00:00:00 +0530 Wed, 28 Nov 2018 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369924 Production of breeder, foundation and certified seeds on leased lands was treated as agricultural activity where the lease-cum-cultivation arrangements were genuine, the assessee bore the substantial farming burden, and the operations involved real expenditure on cultivation inputs; the resulting income was held exempt as agricultural income under section 10(1). The Tribunal also held that disallowance under section 14A read with Rule 8D(2) could not be made for years in which no exempt dividend income was actually earned, and deleted the disallowance. The Revenue's appeals were dismissed and the appellate relief was sustained. Case-Laws Income Tax Fri, 02 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369924