Gajanan Agro Farms,, Kolhapur vs Department Of Income Tax

under section 2(1A) of the Income-tax Act only agricultural income is defined and is required to be a source of income. It is not necessary that in order to come within the ambit of the Income-tax Act, the person has to be an agriculturist. It is sufficient if revenue is derived from agricultural activities conducted on a land situated in India which is used for agricultural purposes. Therefore, the CIT(A) was justified in holding that the firm can be an agriculturist which derives revenue from agricultural activity. 11. In this regard the CIT(A) rightly referred to the explanatory notes to the Finance Act 19