Hi,
I want to know whether a Plant Tissue Culture Laboratory (Biotech) Income comes under Agriculture Income.
Menu
Agriculture Income
Replies (3)
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).
Recent Threads
- GST - RCM - for Commercial Building Rent
- Exemption from Penalty for delayed Board meeting
- TDS ON PROFESSIONAL FEES IN NON AUDIT CASE
- Penalty are applicable on short payment of GST
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
- Apply for GST registration while working in MNC
- Deferment period for Advance Tax under Section 234
Related Threads
CAclubindia
