Cash purchase

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manik (Querist)
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21 June 2012 we are purchasing rice bran from market for producing oil from it, my question is whether we can purchase it in cash exceeding rs.20000, whether it is considered as agricultural product for exemption or not

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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21 June 2012 It is allowed u/r 6DD only if it is paid to Cultivator, Grower or Producer of such produce or product not to any other person.

manik

manik (Querist)
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21 June 2012 actually Rice bran is a byproduct of the rice milling process (the conversion of brown rice to white rice),

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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21 June 2012 I know and it is used for further processsing in extracting oil from it and that is very healthy too.
It is a agriculture product and exempt if the criteria said as above are met.

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