Development account deductions for tea, coffee and rubber; withdrawals and asset disposals taxed under Schedule IX. Section 48 allows a deduction for assessees growing and manufacturing tea, coffee or rubber based on deposits into a special account or deposit account, with computation governed by Schedule IX; amounts withdrawn or released from those accounts are charged to tax under Schedule IX; assets acquired under the special or deposit schemes are taxed on sale or transfer in accordance with Schedule IX.
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Provisions expressly mentioned in the judgment/order text.
Development account deductions for tea, coffee and rubber; withdrawals and asset disposals taxed under Schedule IX.
Section 48 allows a deduction for assessees growing and manufacturing tea, coffee or rubber based on deposits into a special account or deposit account, with computation governed by Schedule IX; amounts withdrawn or released from those accounts are charged to tax under Schedule IX; assets acquired under the special or deposit schemes are taxed on sale or transfer in accordance with Schedule IX.
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