Commercial Crops Still Qualify as Agricultural Income if Fundamental Farming Operations Are Conducted, Rules Commissioner.

Commercial Crops Still Qualify as Agricultural Income if Fundamental Farming Operations Are Conducted, Rules Commissioner. https://www.taxtmi.com/highlights?id=56503 Agricultural income - The finding of the CIT (A) is that the crops grown are commercial in nature. The definition of ‘Agricultural Income’ does not limit its application to any particular crops/produce. The only requirement is that the basic agricultural operations are to be carried out. The nature of the crop being commercial in nature will not therefore, disentitle the assessee from claiming the income as ‘agricultural income’. - AT en-us Sat, 30 Jan 2021 07:35:48 +0530 Sat, 30 Jan 2021 07:35:48 +0530 TaxTMI RSS Generator Commercial Crops Still Qualify as Agricultural Income if Fundamental Farming Operations Are Conducted, Rules Commissioner. https://www.taxtmi.com/highlights?id=56503 Agricultural income - The finding of the CIT (A) is that the crops grown are commercial in nature. The definition of ‘Agricultural Income’ does not limit its application to any particular crops/produce. The only requirement is that the basic agricultural operations are to be carried out. The nature of the crop being commercial in nature will not therefore, disentitle the assessee from claiming the income as ‘agricultural income’. - AT Highlights Income Tax Sat, 30 Jan 2021 07:35:48 +0530 https://www.taxtmi.com/highlights?id=56503