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2015 (8) TMI 1260 - SUPREME COURT

2015 (8) TMI 1260 - SUPREME COURT - TMI - Addition of cess on green leaf - whether production of green leaf which is 100% agricultural activity and not an admissible deduction under income chargeable ? - Held that:- Expenditure on cess should be allowed as a deduction before computing the composite income under Rule 8 and the apportionment is to be made after the income is so computed. - CIVIL APPEAL NO. 1105 OF 2006, CIVIL APPEAL NO. 3168 OF 2006, SLP(C) NO. 19906 OF 2012 - Dated:- 6-8-2015 - A .....

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be made only after the income is so computed. Such apportionment cannot be made before the deduction. Rule 8 of the Income Tax Rules, 1962 requires that the computation is to be made as if by fiction the entire income out of the tea grown and manufactured as income assessable under the Income Tax Act, 1961. In view of Rule 8, the income so computed is to be apportioned 60:40 of which 40 is assessable to tax under the Act. It does not provide that after apportionment of the 60% of the income so c .....

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