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2023 (4) TMI 897 - HC - Income TaxDeduction from the income in view of Rule 7A(2) of the Income Tax Rules - cost of maintenance of rubber trees already planted - Whether Plantation Companies under Rule 7A(2) of the Rules are entitled to an allowance towards replanting expenses and a further deduction towards upkeep and maintenance expenses incurred by the assessee for the immature plants till the age of maturity in the computation of income under the Act and Rules? - HELD THAT:- Questions of law framed in instant appeals are covered by the Full Bench order [2022 (10) TMI 851 - KERALA HIGH COURT] wherein held in the computation of business Income under Rule 7A of the Rule 1962, the assessee under Rule 7A(2) is entitled to an allowance in respect of the cost of replacement of dead and useless rubber trees in the rubber plantation in an area not abandoned, subject to Section 10(31) of Act 1961. The upkeep and maintenance expenses incurred by the assessee till the maturity of rubber trees are revenue expenditures eligible for deduction u/s 37.
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