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Tax Publishers DCIT v. Futura Bioplants (P) Ltd. [ITA No. 1477/Pun/2017, CO No. 03/Pun/2020, dt. 31-8-2020] : 2020 TaxPub(DT) 3422 (Pn.-Trib.) Commercial growing of flowering plants for export purpose -- Agricultural income *Facts:* Assessee was growing flowering plants for export purpose and claimed it as exempt income under section 10(1) read with section 2(1A) -- Agricultural income. Department negated the claim of assessee which was reversed by Commissioner (Appeals). Aggrieved the revenue went in higher appeal - Held in favour of the assessee that the said activity was covered in the scope of agricultural income vide Explanation No. 3 to section 2(1A). CBDT Circular No. 01/2009, dated 27-3-2009 was referred to which explained the above insertion to Explanation 3 to section 2(1A) vide Finance Act, 2009.

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DCIT v. Futura Bioplants (P) Ltd. [ITA No. 1477/Pun/2017, CO No. 03/Pun/2020, dt. 31-8-2020] : 2020 TaxPub(DT) 3422 (Pn.-Trib.)

Commercial growing of flowering plants for export purpose -- Agricultural income

Facts:

Assessee was growing flowering plants for export purpose and claimed it as exempt income under section 10(1) read with section 2(1A) -- Agricultural income. Department negated the claim of assessee which was reversed by Commissioner (Appeals). Aggrieved the revenue went in higher appeal -

Held in favour of the assessee that the said activity was covered in the scope of agricultural income vide Explanation No. 3 to section 2(1A).

CBDT Circular No. 01/2009, dated 27-3-2009 was referred to which explained the above insertion to Explanation 3 to section 2(1A) vide Finance Act, 2009.