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of <h1>Bamboo Classified as 'Timber' u/s 44AC of Income Tax Act, 1961; Changes Tax Treatment for Bamboo Sales.</h1> The Board has clarified that bamboo is classified as 'timber' under Section 44AC of the Income Tax Act, 1961, rather than as 'any other forest produce.' This decision follows a re-examination of the matter and results in the withdrawal of the previous Board's letter dated June 20, 1992. This classification affects the tax treatment of bamboo in accordance with the relevant sections of the Income Tax Act.
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