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1998 (2) TMI 10 - SUPREME COURTAppellant is a partnership firm constituted for the purpose of carrying out agricultural activities - it indulges in the activity of growing mulberry leaves and earning silk worms. The assessee purchases silk worm eggs and when they are hatched the worms are principally fed on mulberry leaves - Tribunal is justified in holding that he income derived by the assessee from the process, i.e., the rearing of silk worms, is not entitled to exemption under section 2(1)(b)(ii)
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