Income from sale of foundation seeds allowed as agricultural income hence exempted u/s. 10(1)

DCIT Vs Vibha Agrotech Ltd. (ITAT Hyderabad) ITAT Hyderabad held that exemption under section 10(1) of the Income Tax Act towards income derived from sale of foundation seeds as agricultural income allowed. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld. Facts- The assessee company is engaged in the business of research, cultivation, production and marketing of hybrid seeds. AO after considering the submissions of the assessee, rejected the agricultural income claimed towards sale of foundation seeds. Accordingly, AO rejected the claim of agriculture income and made additi...