https://www.taxtmi.com/caselaws?id=436544 The Income Tax Appellate Tribunal (ITAT) ruled that income from cultivating and selling white button mushrooms qualifies as agricultural income under the Income Tax Act. The ITAT held that despite the use of modern techniques and controlled environments, the activities involved basic and subsequent agricultural operations. Therefore, the income derived from mushroom cultivation was exempt from tax under section 10(1) of the Act. The ITAT dismissed the Revenue's appeals for the assessment years in question, affirming that mushroom production and sale constitute agricultural activities deserving of tax exemption. en-us Wed, 05 Apr 2023 00:00:00 +0530 Sat, 15 Apr 2023 08:52:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436544 The Income Tax Appellate Tribunal (ITAT) ruled that income from cultivating and selling white button mushrooms qualifies as agricultural income under the Income Tax Act. The ITAT held that despite the use of modern techniques and controlled environments, the activities involved basic and subsequent agricultural operations. Therefore, the income derived from mushroom cultivation was exempt from tax under section 10(1) of the Act. The ITAT dismissed the Revenue's appeals for the assessment years in question, affirming that mushroom production and sale constitute agricultural activities deserving of tax exemption. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436544