https://www.taxtmi.com/caselaws?id=445907 ITAT Mumbai upheld assessee's claim for agricultural income exemption under section 10(1) for hybrid seed sales, following consistent precedents in assessee's own case spanning 18 years despite Revenue's arguments about lack of agricultural operations. The Tribunal rejected Revenue's contention that ESOP expenses were notional, allowing deduction under section 37(1) based on HC precedent in Biocon Ltd. However, ITAT upheld AO's disallowance under section 14A read with Rule 8D for expenses related to exempt dividend income, rejecting assessee's claim of earning dividends without incurring expenditure. en-us Fri, 10 Nov 2023 00:00:00 +0530 Wed, 22 Nov 2023 07:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445907 ITAT Mumbai upheld assessee's claim for agricultural income exemption under section 10(1) for hybrid seed sales, following consistent precedents in assessee's own case spanning 18 years despite Revenue's arguments about lack of agricultural operations. The Tribunal rejected Revenue's contention that ESOP expenses were notional, allowing deduction under section 37(1) based on HC precedent in Biocon Ltd. However, ITAT upheld AO's disallowance under section 14A read with Rule 8D for expenses related to exempt dividend income, rejecting assessee's claim of earning dividends without incurring expenditure. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445907