Sale of tea manufactured from leaves purchased from third parties is agricultural activity & eligible for deduction of 60%

DCIT Vs Luxmi Tea Company Ltd (ITAT Kolkata) The issue under consideration is whether income from sale of tea manufactured and sold from tea leaves purchased from third parties was from non-agricultural activity and therefore, was not eligible for deduction of 60%? In the Assessee-company was engaged in business of cultivation, manufacturing and sale of tea. It was also engaged in purchasing tea leaves from third parties and after carrying out manufacturing process was selling the tea so manufactured. While computing the book profit under section 115JB, the assessee deducted 60% of composite p...