17 March 2018
Text of Section 80PA says that FPC shall get deduction on income from marketing and processing of agricultural produce.
It does not define agricultural produce anywhere. Definition of agricultural produce, however, includes animal husbandry as per Companies Act 1956.
Does the term "agricultural produce" include primary production of milk by members of Producer Company ? Will this deduction extend to that, or is it only limited to crop cultivation based agriculture ?
CAclubindia
