https://www.taxtmi.com/caselaws?id=213417 Income from extracting crude palm oil through sterilisation, stripping, digesting, pressing, clarification and centrifuging exceeds the ordinary processing permitted for agricultural income. Factory-based mechanical operations requiring substantial industrial infrastructure convert the crop into a commercial product, so the value added by extraction is assessable as business income. The underlying value of oil-palm fruit and kernel remains agricultural income. Rule 7 applies to compute the composite income by excluding the market value of the agricultural produce and assessing the business element. en-us Thu, 01 Dec 2011 00:00:00 +0530 Mon, 21 May 2012 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213417 Income from extracting crude palm oil through sterilisation, stripping, digesting, pressing, clarification and centrifuging exceeds the ordinary processing permitted for agricultural income. Factory-based mechanical operations requiring substantial industrial infrastructure convert the crop into a commercial product, so the value added by extraction is assessable as business income. The underlying value of oil-palm fruit and kernel remains agricultural income. Rule 7 applies to compute the composite income by excluding the market value of the agricultural produce and assessing the business element. Case-Laws Income Tax Thu, 01 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213417