Agricultural Income means-
(a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes;
(b) any income derived from such land by --
i)agriculture; or
ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver-in-kind to render the produce raised or received by him fit to be taken to market; or
iii)the sale by a cultivator or receiver of rent-in-kind of the produce raised or received by him, in respect of which no process has been performed other than a process of the nature described in paragraph (ii) of this subclause ;
(c) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of subclause (b) is carried on:
FRIENDS PLEASE EXPLAIN ME POINT (b) SUBCLAUSE (ii) AND (iii).
CAclubindia
