https://www.taxtmi.com/caselaws?id=370990 The Kerala High Court held that Rule 7 of the Income Tax Rules, 1962 should only consider the value addition through the industrial process for assessing business income of a public limited company engaged in oil palm cultivation and crude palm oil production. The court addressed concerns of double taxation due to delayed application of Rule 7 by the Income Tax Department. It upheld the proper reopening of assessments and directed computation of business income excluding the market value of agricultural produce. The court also clarified that the Assessing Officer should not be bound by a non-statutory formula for income determination under Rule 7. en-us Mon, 29 Oct 2018 00:00:00 +0530 Mon, 26 Nov 2018 19:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370990 The Kerala High Court held that Rule 7 of the Income Tax Rules, 1962 should only consider the value addition through the industrial process for assessing business income of a public limited company engaged in oil palm cultivation and crude palm oil production. The court addressed concerns of double taxation due to delayed application of Rule 7 by the Income Tax Department. It upheld the proper reopening of assessments and directed computation of business income excluding the market value of agricultural produce. The court also clarified that the Assessing Officer should not be bound by a non-statutory formula for income determination under Rule 7. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370990