Section 7(2)(b) in Income Tax Rules, 1962

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Union of India - Subsection

Section 7(2)(b) in Income Tax Rules, 1962

(b)where agricultural produce is not ordinarily sold in the market in its raw state or after application to it of any process aforesaid, 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 Assessing Officer finds, having regard to all the circumstances in each case, to represent a reasonable profit.

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Union of India - Subsection

Section 7(2)(b) in Income Tax Rules, 1962