ITAT Bangalore Keeps Contract Farming Issue Alive Pending SC Verdict

Namdhari Seeds Vs ACIT (ITAT Bangalore) Post-Harvest Processing vs Pure Agriculture – ITAT Keeps Issue Alive Pending Supreme Court’s Word Contract; Hybrid Seed Income from Leased Lands Not Yet Settled Assessee, a partnership firm engaged in cultivation of hybrid seeds, fruits and vegetables along with import/export activities, held 69.11 acres of own land and 685.08 acres of leased land from farmers under co-cultivation agreements. It declared income of ₹97.48 lakh from own land and loss of ₹78.23 lakh from leased land, thereby showing an aggregate profit of ₹19.25 lakh. Assessment ...