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2004 (8) TMI 12 - HC - Income TaxComputation of the composite income – held that for computation of the composite income derived from sale of tea grown and manufactured by the seller and exported out of India under section 2(1A) of the Act of 1961 read with rule 8 of the Rules of 1962, the deduction under section 80HHC in respect of profits derived from export of tea out of India would be allowed as permissible deduction before apportionment of non-agricultural income and agricultural income under rule 8 of the Rules of 1962, and, thereafter, the income so computed, as if it is a business income, is to be apportioned on the basis of 40 per cent, being non-agricultural income and 60 per cent, being the agricultural income – assessee’s appeal is allowed
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