Income from tissue culture operations qualifies as agricultural income hence exempted u/s. 10(1)

A.G. Biotech Laboratories (India) Ltd. Vs ITO (Telangana High Court) Telangana High Court held that the income derived from tissue culture operations by the assessee qualifies as agricultural income and hence exempted from tax under Section 10(1) of the Income Tax Act. Accordingly, the present writ stands allowed. Facts- The appellant is engaged in the business of micro-propagation of plants through tissue culture technology. The primary dispute in the instant case is classification of income earned by the assessee from the sale of tissue-cultured plants for the assessment year 2002-03. The a...