BT Cotton Hybrid Seeds Income: Business or Agricultural Income – ITAT direst reassessment

Axis Agri Services Vs DCIT (ITAT Ahmedabad) In Axis Agri Services Vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Ahmedabad set aside ex-parte orders issued by the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Years 2017-18, 2018-19, and 2020-21. The case involved a dispute over the exemption of agricultural income under Section 10(1) of the Income Tax Act, 1961. The Assessing Officer (AO) had disallowed ₹3.3 crore, treating the income as business income. The assessee, a partnership firm engaged in hybrid seed production for Bt cotton, challenged the addition but failed to ...