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2015 (9) TMI 1409 - CALCUTTA HIGH COURT

2015 (9) TMI 1409 - CALCUTTA HIGH COURT - TMI - Interpretation of Section 80 HHC - Whether Tribunal was justified in not allowing the deduction under section 80HHC in computing the mixed income derived from the tea grown and manufactured by the assessee and thereafter in proceeding under Rule 8 of the Income Tax Rules, 1962 to apportion the said income between non-agricultural income and agricultural income on 40:60 basis ? - Held that:- In view of the judgment of the Supreme Court of India in t .....

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whether the deduction under section 33AB is to be allowed while computing the income derived from sale of tea grown and manufactured by the seller which form the composite income from sale of tea grown and manufactured by the seller and the apportionment in terms of Rule 8 of the Income Tax Rules, 1962 between agricultural income and nonagricultural income should be made after the said deduction is allowed in the computation of composite income ? - Held that:- As relying on Goodricke Group Ltd. .....

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hichever is less - The question of application of Rule 8 does not come so long the profit or loss from the business of growing and manufacturing tea is determined after deduction of all permissible deductions under the Act - Decided in the favour of the assessee - ITA 338 of 2007 - Dated:- 1-9-2015 - JUSTICE SOUMITRA PAL AND JUSTICE MIR DARA SHEKO For the Appellant : Mrs. Nilanjana Banerjee Pal, Adv. For the Respondent : Mrs. Smita Das De, Adv. JUDGEMENT The appeal was admitted on the following .....

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ther the Tribunal on the facts and in the circumstances of the case was justified in law in applying the decision of this Hon ble Court in the case reported in 266 ITR 226 and applying section 80HHC (4B) of the Act is ultra vires, the application of the said Rule can be made in determining the composite income derived from sale of tea grown and manufactured by the seller and allowing the deduction under section 80 HHC on the profits derived from the export of tea out of India ? (c) Whether on a .....

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