Suppose I have some agriculture land, on which I want to start fish firming,
Can Fish firming qualify the defination of agricultur produce ??
and wil Income from Fish Firming be Taxable ??
If possible pls give referance of any recest caselaws.....
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Can fish firming be treated as agriculture income ?
Replies (3)
Income from Fish farming has a different nomenclature , which is different from Agriculture. Also, in a case filed in the income tax appellate tribunal in Hyderabad , the details of which are given here: Karra Jayabhyarathi vs Income Tax Officer on 31 May, 2005
It is clearly stated that the element of agriculture is Land whereas the element of fish farming is water , therefore cultivation of fish does not come under the ambit of agriculture.
Therefore the income arising out of fish farming is taxed as Income from Business.
It is clearly stated that the element of agriculture is Land whereas the element of fish farming is water , therefore cultivation of fish does not come under the ambit of agriculture.
Therefore the income arising out of fish farming is taxed as Income from Business.
Income from Fish farming has a different nomenclature , which is different from Agriculture. Also, in a case filed in the income tax appellate tribunal in Hyderabad , the details of which are given here: Karra Jayabhyarathi vs Income Tax Officer on 31 May, 2005
It is clearly stated that the element of agriculture is Land whereas the element of fish farming is water , therefore cultivation of fish does not come under the ambit of agriculture.
Therefore the income arising out of fish farming is taxed as Income from Business.
It is clearly stated that the element of agriculture is Land whereas the element of fish farming is water , therefore cultivation of fish does not come under the ambit of agriculture.
Therefore the income arising out of fish farming is taxed as Income from Business.
nope its not a agriculture income, its taxable income
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