Agricultural Income Addition Deleted as Books Not Rejected: ITAT Bangalore

Karnataka Ginger Trading Company Vs ITO (ITAT Bangalore) The assessee, a partnership firm engaged in ginger trading and cultivation, filed appeals for Assessment Years 2018-19 and 2020-21 against orders of the CIT(A)/NFAC confirming additions made by the Assessing Officer by re-characterizing part of the exempt agricultural income as income from other sources. For AY 2018-19, the assessee declared total income of Rs. 8,36,910 and claimed exempt agricultural income of Rs. 57,03,047. The case was selected for limited scrutiny on agricultural income. During assessment, the Assessing Officer obser...