In RULE 7, If an assessee having partially Agri Income & Partially Business Income, In determining the Business Income chargeable to tax, The Market Value of any agricultural produce cultivated or received as Rent-in-kind and which has been used as a Raw Material in such Business shall be deducted.
My Question is....
Whether this rule is applicable, In case of an Assessee growing Mulberry leaves, feeding them to Silk Worms and Obtaining Silk cocoons ??? i.e. Can we consider Mulberry leaves as Raw material in this Case ???
Thanks in Advance..........................
CAclubindia
