Case Law Details
Case Name : Kancor Flavors & Extracts Ltd. Vs Dcit (ITAT Cochin)
Related Assessment Year :
Courts :
All ITAT ITAT Cochin
KANCOR FLAVOURS & EXTRACTS LTD. Vs DCIT
ITAT, Cochin Bench : ITA Nos. 714 & 715/Coch/2005
AYs- 1994- 95 & 1996- 97
Gist of decision : Agricultural income is not only exempt from tax, but under the scheme of the IT Act, 1961 is also to be excluded in computing the total income. In the present case, the assessee has earned some agricultural income by way of sale of white chillies cultivated by it. But the expenses for farming the white chillies were more than such income.
Therefore, the assessee had to debit the net expenses in its P&L a/c. If, on the other hand, there was a su...
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i have only agricultural income of rs. 4,10,500 and expenses for earning that income is rs. 176200 and depreciation is rs. 26312. no other deduction under any chapter.
What is the tax treatment & how it should be shown in ITR ?
is itr -2 or itr-4 aplicable ?