https://www.taxtmi.com/caselaws?id=397954 Income from a nursery growing and selling flower plants, including saplings or seedlings, is treated as agricultural income under Explanation 3 to section 2(1A) of the Income-tax Act, following the Tribunal's earlier view and the departmental circular. Once that character is accepted, depreciation adjustments premised on treating the receipts as business income cannot survive, so the differential depreciation disallowance falls away. Foreign exchange fluctuation gain must be examined item-wise by reference to the underlying transaction, with separate treatment for capital expenditure, revenue creditors, revenue debtors, and year-end revaluation; the matter was therefore remitted for fresh verification. en-us Mon, 31 Aug 2020 00:00:00 +0530 Wed, 02 Sep 2020 13:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397954 Income from a nursery growing and selling flower plants, including saplings or seedlings, is treated as agricultural income under Explanation 3 to section 2(1A) of the Income-tax Act, following the Tribunal's earlier view and the departmental circular. Once that character is accepted, depreciation adjustments premised on treating the receipts as business income cannot survive, so the differential depreciation disallowance falls away. Foreign exchange fluctuation gain must be examined item-wise by reference to the underlying transaction, with separate treatment for capital expenditure, revenue creditors, revenue debtors, and year-end revaluation; the matter was therefore remitted for fresh verification. Case-Laws Income Tax Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397954