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Income Tax - Highlights / Catch Notes

Home Highlights November 2024 Year 2024 This

Income derived from cultivation and sale of white button ...


Mushroom farming income exempt from tax under agricultural income provision.

Case Laws     Income Tax

November 13, 2024

Income derived from cultivation and sale of white button mushrooms was characterized as agricultural income exempt u/s 10(1) of the Income Tax Act, following the precedent set by the Inventaa Industries (P.) Ltd. case [2018 (8) TMI 69 - ITAT HYDERABAD] with identical facts. The Appellate Tribunal allowed the assessee's claim, treating the cultivation and sale of white button mushrooms as an agricultural activity, resulting in the income being exempt from taxation u/s 10(1).

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