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of <h1>Clarification on Reassessment of Rubber and Coffee Income Pre-2002: No Action if Agricultural Tax Paid Per Circular No. 5/2003.</h1> Circular No. 5/2003, dated 22-5-2003, addresses the reassessment of income from the manufacture of rubber and coffee for assessment years prior to 2002-03. According to Rules 7A and 7B of the Income-tax Rules, 1962, effective from 1-4-2002, such income is treated as business income with a specified percentage deemed taxable. The circular clarifies that no proceedings under sections 147 or 263 of the Income-tax Act, 1961, should be initiated for these prior years if the assessees have already paid agricultural income-tax on the entire income from these activities.
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