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2016 (3) TMI 325 - HC - Income TaxDetermination of agriculture income - Interpretation of Section 33AB and Rule 8 of the Income Tax Rules - allowance under Section 33AB from the composite income - applicability of deduction under Section 33AB while computing the income derived from sale of tea grown and manufactured by the seller - Held that:- Deduction u/s.33AB of the Act is to be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) of the Income Tax Rules, 1962 shall be applied to apportion the resultant income into 60% agricultural income, not taxable under the Act and balance 40% which is taxable under the Act. In that view of the matter the question formulated above is answered in the affirmative and in favour of the assessee.
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