Partial Disallowance of Section 35AD Deduction for Leasing Godown for Storing Skimmed Milk, Not Agricultural Produce.

Disallowance of deduction u/s 35AD - leasing out of Godown for non agriculture purpose - skimmed milk does not constitute “agricultural produce” - the whole deduction claimed by the assessee could not be denied u/s. 35AD of the Act and in view of the provisions of section 35AD(7B) of the Income Tax Act as it stood at the relevant time, in our considered view, the CIT(A) had correctly restricted the disallowance only with respect to the godown leased out to Banas Dairy for the “non-agricultural” purposes - AT .....

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