Assessee being in tea plantation business, post disallowance of EPF, 40% will be taxable as per rule 8(1)

Hanuman Plantations Limited Vs ITO (ITAT Kolkata) TAT Kolkata held that post disallowance of employee contribution to PF, only 40% will be taxed as business income in terms of applicable provisions of rule 8(1) of Income Tax Rules, 1962 as assessee is engaged in tea plantation business. Facts- This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi dated 07.07.2022 for the AY 2019-20. The assessee in the regular grounds of appeal has challenged the confirmation of addition of Rs. 25,40,572/- by Ld. CIT(A) as made by the AO on a...