https://www.taxtmi.com/caselaws?id=298924 The Court upheld Central Income Tax assessments for business income from palm oil under Rule 7, allowing the petitioner to challenge double assessments in a pending Writ Petition. The Court agreed with the petitioner's argument for relief under Circular No.5 of 2003, directing waiver of tax collection on business income from crude palm oil up to the 2004-2005 assessment year. Agricultural income tax assessments from 2005-2006 onwards were set aside, with any excess tax to be refunded. The petitioner was instructed to remit tax based on Central Income Tax assessments, ensuring consistent tax treatment for palm oil income. en-us Tue, 03 Jan 2012 00:00:00 +0530 Sat, 27 Nov 2021 10:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298924 The Court upheld Central Income Tax assessments for business income from palm oil under Rule 7, allowing the petitioner to challenge double assessments in a pending Writ Petition. The Court agreed with the petitioner's argument for relief under Circular No.5 of 2003, directing waiver of tax collection on business income from crude palm oil up to the 2004-2005 assessment year. Agricultural income tax assessments from 2005-2006 onwards were set aside, with any excess tax to be refunded. The petitioner was instructed to remit tax based on Central Income Tax assessments, ensuring consistent tax treatment for palm oil income. Case-Laws Income Tax Tue, 03 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298924