Payment of agricultural income tax cannot be allowed as deduction under section 43B

Oil Palm India Ltd. Vs DCIT (Kerala High Court) Facts- The appellant undertakes Oil Palm cultivation and manufacture and production of crude palm oil. A controversy arose between the assessee and the revenue, with the revenue implementing Rule 7 of the Central Income Tax Rules, 1962 providing for assessment of income which is partly agricultural and partly business income. The main ground of assessee in the subject appeals is that the assessee has paid tax under Act 1991 on the whole of its income. The tax paid under 1991 Act is paid as a permissible deduction under Section 43B of the Act, the...