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

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