Deemed business income for rubber, coffee and tea sales sets fixed taxable percentages and replanting-cost allowances. Income from specified rubber, coffee and tea sales is computed as business income on a deemed percentage basis, with fixed percentages applied to centrifuged latex and related rubber products, coffee grown and cured, coffee grown, cured, roasted and grounded, and tea grown and manufactured in India. The computation allows an allowance for replanting costs of rubber plants, coffee plants and tea bushes in replacement areas not previously abandoned, but excludes any subsidy not includible in total income. The term curing takes its meaning from the Coffee Act, 1942.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed business income for rubber, coffee and tea sales sets fixed taxable percentages and replanting-cost allowances.
Income from specified rubber, coffee and tea sales is computed as business income on a deemed percentage basis, with fixed percentages applied to centrifuged latex and related rubber products, coffee grown and cured, coffee grown, cured, roasted and grounded, and tea grown and manufactured in India. The computation allows an allowance for replanting costs of rubber plants, coffee plants and tea bushes in replacement areas not previously abandoned, but excludes any subsidy not includible in total income. The term curing takes its meaning from the Coffee Act, 1942.
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