Rental income by giving agricultural land on lease is agricultural income

Advertisement Vinayak Sudhakar Malkotagi Vs ITO (ITAT Mumbai) ITAT Mumbai held that receipt of rental income by giving the land on lease to the LLP and non-utilization of the said land does not preclude the assessee to treat the same as agricultural income. Accordingly, the same is exempt. Facts- The assessee derived agricultural income in the form of rental income in accordance with the provisions of Section 2(1A)(a) of the Act which is fully exempt from tax u/s. 10(1) of the Act. He is the owner of the three acres of agricultural land which has been given on rent to A.S Agri and Aqua LLP...