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Taxability of profit on purchase and sale of paddy

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21 December 2023 Mr. X is a farmer.  Apart from his own produce, he also purchases from other farmers.  After keeping for certain period, say a year, he sells the same to a miller. Will the profit earned on sale of the produce (own and purchased) be taxable ? Or that will be exempt. Request for an Expert opinion.  Thanks & Regards.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 December 2023 Profit earned on own produce not taxable but profit on purchased paddy taxable.
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