Rice is “Agricultural Produce”: ITAT deletes Disallowance in respect of Cash Payment to Suppliers as per Existing Rice Trading Practice [Read Order]

Rice - Agricultural Produce - Cash Payment - Suppliers - ITAT - Cash Payment to Suppliers - Rice Trading Practice - taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance in respect of cash payment to suppliers as per rice trading practice holding that rice is an agricultural produce. The assessee, Shivaji Hi-Tek Foods Pvt. Ltd which was engaged in purchases rice from various states and repacks the same in its own…

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