When tea board income is exempted under sec 10(29A) of IhncomeTax act., why again specific exemption for subsidies received by tea boards is again granted exemtion under sec 10(30) again.., Isn't it a repetition of provision., Kindly clarify..
1 Replies
queryinsta054@gmail.com
(234 Points)
Replied 12 October 2020
Sec 10(30) gives exemption to a taxpayer engaged in the business of growing and manufacturing tea for subsidies received FROM OR THROUGH tea board. This section does not deal with income of tea board since sec 10(29A) exempts income of the Tea Board. The beneficiaries under both sections are different and there is no repetition
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