Income from production of hybrid seeds under supervision of company is exempt u/s. 10(1)

PCIT Vs Nuziveedu Seeds Ltd (Telangana High Court) Telangana High Court held that income earned from production of hybrid seeds under supervision of company is in the nature of agricultural activity and income earned from such activity is exempt under section 10(1) of the Income Tax Act. Accordingly, appeal of revenue dismissed. Facts- The assessee is a company engaged in the business of production of Hybrid seeds and it claimed for an exemption of Rs.39.26 crores u/s. 10 (1) of the Act and also Rs.1.53 crores u/s. 14A of the Act,1961. AO passed an order opining that the assessee is not direct...