Hi,
I want to know whether a Plant Tissue Culture Laboratory (Biotech) Income comes under Agriculture Income.
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Agriculture Income
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IT IS NOT CLEAR WHAT IS BEING TRADED THE TISSUE....PLZ CLARIFY .....IS IT ONE OFF ACTIVITY OR TRADING ACTIVITY ......PLZ PROVIDE THE DETAILS ...WHAT IS BEING TRADED......
The plants in poly bags are sold to farmers , others etc. after coming out from laboratory. Does this come under agriculture income, is there any exemptions provided ?
Thanks
Dear Sweta,
If plants are grown on Land by the same Laboratory then it can be said as Agriculture Income...
Nursery plants - Sale proceeds of plants raised in nursery on land belonging to the assessee constitute agricultural income - CIT v. Green Gold Tree Farmers (P.) Ltd. [2008] 167 Taxman 151 (Uttarakhand).
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