Naveen Purba (practice) (40 Points)
01 July 2009whetther income from fisheries will be considered as agricultural income??
please refer case law.
praveen
(Chartered Accountant)
(6971 Points)
Replied 01 July 2009
yeah agriculture income does not include fisheries and mines
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 01 July 2009
Hey dude - Tinku,
Thnx for sharing aforesaid Case.
Gaurav Shah
(Partner)
(23 Points)
Replied 01 July 2009
income from fisheries is to be treated as income fron other sources .it is specifically given in that section
Indudhar
(Tax Advocate)
(427 Points)
Replied 01 July 2009
it is clear that fisheries are not covered under agricultural income, are poultries considered as agricultural income??
Sourabh Sharma
(CS CA (Final) M.com NCFM Derivative Capital Market Mutual Funds)
(771 Points)
Replied 02 July 2009
Cultivation of land to some extent is necessary for the income to be treated as agricultural income. While growing of crops is covered under agriculture's ambit, activities like poultry farming, dairy farming, aquaculture and sericulture on the same land are not treated as agricultural activity.
CA Durga Prasad Sigatapu
(CA CS executive programme student)
(151 Points)
Replied 02 July 2009
Income fisheries is not an agricultural income
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 13 July 2009
Hello All
Incomes from Fisheries and Poultry are "income from business"
Best wishes
Sathikonda
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 13 July 2009
Mr.Tinku
Please let me know the citatin of the case law
Best Wishes
Sathikonda
Sunil P
(Partner)
(30 Points)
Replied 12 April 2012
Please refer to the caselaw.Commissioner of Income-tax Vs R.Venkataswamy Naidu 1956 29 ITR 529 (SC) .In the said case Supreme court evaded the question whether Income from milk is agricultural income on technical grounds. How ever S.C.cited some caselaws where income from sale of milk was said to be Agricultural Income. However,S.C. abstained from commenting on the rightfulness of the decisions. But the caselaw makes good reading .Please check out the following link.
https://law.incometaxindia.gov.in/DitTaxmann/incometaxacts/2007itact/%5B1956%5D029ITR0529(SC).htm
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