Section 4 in The Maharashtra Agricultural Income-Tax Rules, 1962
4. Determination of Market Value of Agricultural Produce.
- For the purpose of the Act, the market value of any agricultural produce shall, except in the case referred to in clause (a) of the proviso to sub-section (1) of section 9, be determined in the following manner, that is to say : -(1)if the agricultural produce was sold in the market, the market value shall be deemed to be the price for which such produce was sold;(2)if the agricultural produce was not sold in the market, the market value shall be deemed to be -(a)where such produce is ordinarily sold in the market in its raw state, or after the performance of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render it fit to be taken to market, the value calculated according to the average price at which such produce has been so sold in the locality during the previous year in respect of which the assessment is made;(b)where such produce is not ordinarily sold in the market in the manner referred to in sub-clause (a), the aggregate of -(i)the expenses of cultivation;(ii)the land revenue or rent paid for the area in which it was grown; and(iii)such amount as the Agricultural Income-tax Officer finds, having regard to all the circumstances in each case, to represent a reasonable rate of profit on the sale of produce in question as agricultural produce.
