https://www.taxtmi.com/caselaws?id=49440 Bamboo, thatching grass and fuel timber grown on agricultural land were treated as agricultural income when produced by agricultural operations, even though the assessee used them in its own tea business. The definition was read broadly: the first limb covered income derived from land by agriculture, while sale-based wording in later clauses showed that sale was not required in every case. The same produce could also be valued under the residuary computation rule, because it applied where the produce was not sold in the market. On that basis, the value of the internally used produce was upheld for assessment. en-us Fri, 18 Aug 1961 00:00:00 +0530 Fri, 29 Aug 2014 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49440 Bamboo, thatching grass and fuel timber grown on agricultural land were treated as agricultural income when produced by agricultural operations, even though the assessee used them in its own tea business. The definition was read broadly: the first limb covered income derived from land by agriculture, while sale-based wording in later clauses showed that sale was not required in every case. The same produce could also be valued under the residuary computation rule, because it applied where the produce was not sold in the market. On that basis, the value of the internally used produce was upheld for assessment. Case-Laws Income Tax Fri, 18 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49440