https://www.taxtmi.com/caselaws?id=755433 Income derived from saplings or seedlings grown in a nursery falls within agricultural income under Explanation 3 to section 2(1A) and is exempt under section 10(1) of the Income-tax Act. The Tribunal noted supporting records such as land details, sale registers and bank statements, and also referred to prior years' acceptance of the same income treatment. However, because certain sale particulars were incomplete, including address, dates, mode of supply and consideration details, limited verification of the disputed sales was required. The matter was therefore remanded to the Assessing Officer only for that narrow verification, while the income's agricultural character was recognized on the stated reasoning. en-us Tue, 09 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 08:37:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755433 Income derived from saplings or seedlings grown in a nursery falls within agricultural income under Explanation 3 to section 2(1A) and is exempt under section 10(1) of the Income-tax Act. The Tribunal noted supporting records such as land details, sale registers and bank statements, and also referred to prior years' acceptance of the same income treatment. However, because certain sale particulars were incomplete, including address, dates, mode of supply and consideration details, limited verification of the disputed sales was required. The matter was therefore remanded to the Assessing Officer only for that narrow verification, while the income's agricultural character was recognized on the stated reasoning. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755433