2015 (1) TMI 1468 - SC - Income Tax

Agricultural income - denial of exemption - conversion of foundation seeds into certified seeds - assessee supplying foundation seeds to farmers owning land, who under directions issued by company cultivate such seeds and get compensation for it - HC held that conversion of foundation seeds to certified seeds as manufacturing activity, assessee would not get benefit of total exemption u/s 10(1) of the Act. - Decided against the Assessee by holding as business income - HELD THAT - Delay condoned. Leave granted in all the SLPs.

Summary

The Supreme Court condoned delay and granted leave in all the Special Leave Petitions (SLPs) mentioned in the case with citations 2015 (1) TMI 1468. The case was heard by Hon'ble Mr. Justice J. Chelameswar and Hon'ble Mr. Justice Rohinton Fali Nariman. Petitioners and respondents were represented by various advocates.