1992 (1) TMI 80 - HC - Income Tax

Summary

The High Court of Bombay rejected an application under section 256(2) of the Income-tax Act, 1961, regarding the classification of raw cotton as an agricultural primary commodity for deduction under section 80HHC. The Tribunal held that raw cotton is a produce of plantation and not covered by the relevant clause, leading to the rejection of the application. No costs were awarded.