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Tax Publishers
DCIT v. Futura Bioplants (P) Ltd. [ITA No. 1477/Pun/2017, CO No. 03/Pun/2020, dt. 31-8-2020] : 2020 TaxPub(DT) 3422
(Pn.-Trib.)
Commercial growing of flowering plants for export purpose
-- Agricultural income
Facts:
Assessee was growing flowering plants for export purpose
and claimed it as exempt income under section 10(1) read with section 2(1A) --
Agricultural income. Department negated the claim of assessee which was
reversed by Commissioner (Appeals). Aggrieved the revenue went in higher appeal
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Held in favour of the assessee that the said activity was
covered in the scope of agricultural income vide Explanation No. 3 to section
2(1A).
CBDT Circular No. 01/2009, dated 27-3-2009 was referred to which explained the above insertion to Explanation 3
to section 2(1A) vide Finance Act, 2009.
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