18 December 2012
The company has procured the cows and entered into milk producing & selling directly to milk producing co op.society.The company is also process the milk so produced like pasturing of milk and packing the same into various types of packing e.g.500 gm, 1 litre etc.Whether the activity of milk producing and selling is covered within the defination of Agricultral income. Whether the pasturing and packing into different types of weights covers under the words subsquent operations and treats as Agricultral income.
18 December 2012
It is not covered under the definition of Agriculture income since the income has not arisen from the agriculture activities or operations. As such the income is taxable.
CAclubindia
