By Aparna. M - On April 30, 2023 12:00 pm - 2 mins read
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that income generated from production and sale of white button mushrooms is agriculture activity hence shall be exempt from tax. Assessee British Agro Products (India) Pvt. Ltd. filed its return of income for the assessment year 2017-18 declaring a total income of Rs….
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisem*nts
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that income generated from production and sale of white button mushrooms is agriculture activity hence shall be exempt from tax.
Mushroom farming has many benefits over traditional agriculture; it's environmentally friendly, sustainable, efficient with space usage, low labor costs (when done right), and can be profitable if well planned out for small-scale operations.
Mushrooms are fungi but are counted as vegetables and are an important source of nutrients and bioactive compounds. The objective was to assess the nutritional impact of adding a serving of mushrooms in USDA Food Patterns.
Mushrooms aren't really plants, they are types of fungi that have a "plantlike" form - with a stem and cap (they have cell walls as well). This is really just the "flower or fruit" of the mushroom - the reproductive part which disperses the spores.
Introduction: My name is Frankie Dare, I am a funny, beautiful, proud, fair, pleasant, cheerful, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
