Consider the following statements :
Statement I : In India, income from allied agricultural activities like poultry farming and wool rearing in rural areas is exempted from any tax.
Statement II : In India, rural agricultural land is not considered a capital asset under the provisions of the Income-tax Act, 1961.
Which one of the following is correct in respect of the above statements?
(a) Both Statement I and Statement II are correct and Statement II explains Statement I
(b) Both Statement I and Statement II are correct but Statement II does not explain Statement I
(c) Statement I is correct but Statement II is not correct
(d) Statement II is correct but Statement I is not correct
Correct Answer: (d) Statement II is correct but Statement I is not correct