Dairy business cannot be construed as agricultural activity under Section 36 of the Income Tax Act: Gujarat HC

National Dairy Development Board Vs ACIT (Gujarat High Court) Conclusion: Gujarat High Court held that the activity of dairy business cannot be construed as agricultural activity under Section 36 of the Income Tax Act, 1961. Facts: The assessee is a corporate body created by an Act of Parliament called National Dairy Development Act, Assessee claims the status of a company as per the definition of company under the provisions of the Income Tax Act. The assessee does not have authorized, issued or paid up share capital. It has not been incorporated as a company under the Companies Act, 1956. Th...