https://www.taxtmi.com/caselaws?id=468031 Income from manufacture of rubber under Rule 7A is first computed as business income and then split, with 65% allocated to assessment as agricultural income under the Kerala Agricultural Income Tax Act, 1991. Any carry forward and set off of losses relating to that agricultural component must be worked out only under Section 12 of the State Act, which permits set off only of the same assessee's loss within the prescribed time limit. The provision does not allow losses of an amalgamated plantation company to be carried forward and adjusted against the amalgamating company's income, and Section 72A of the Income-tax Act, 1961 cannot be invoked to enlarge that entitlement in State agricultural income taxation. en-us Fri, 23 Sep 2011 00:00:00 +0530 Tue, 14 Apr 2026 11:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468031 Income from manufacture of rubber under Rule 7A is first computed as business income and then split, with 65% allocated to assessment as agricultural income under the Kerala Agricultural Income Tax Act, 1991. Any carry forward and set off of losses relating to that agricultural component must be worked out only under Section 12 of the State Act, which permits set off only of the same assessee's loss within the prescribed time limit. The provision does not allow losses of an amalgamated plantation company to be carried forward and adjusted against the amalgamating company's income, and Section 72A of the Income-tax Act, 1961 cannot be invoked to enlarge that entitlement in State agricultural income taxation. Case-Laws Income Tax Fri, 23 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468031