https://www.taxtmi.com/caselaws?id=169935 Rule 8 of the Income-tax Rules, 1962 is stated to apply in computing fringe-benefit valuation under Chapter XII-H of the Income-tax Act, 1961. The analysis explains that, where rule 8 deems only 40% of composite tea income as taxable business income, the related expenditure must also be apportioned on the same basis. On that reasoning, fringe-benefit expenditure cannot be left out of proportionate computation merely because the income stream has both agricultural and business elements. Chapter XII-H is described as operating subject to section 10(1), so agricultural income is not indirectly subjected to tax. en-us Thu, 03 Jul 2014 00:00:00 +0530 Tue, 12 May 2015 10:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169935 Rule 8 of the Income-tax Rules, 1962 is stated to apply in computing fringe-benefit valuation under Chapter XII-H of the Income-tax Act, 1961. The analysis explains that, where rule 8 deems only 40% of composite tea income as taxable business income, the related expenditure must also be apportioned on the same basis. On that reasoning, fringe-benefit expenditure cannot be left out of proportionate computation merely because the income stream has both agricultural and business elements. Chapter XII-H is described as operating subject to section 10(1), so agricultural income is not indirectly subjected to tax. Case-Laws Income Tax Thu, 03 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169935