Rule 8(1): Taxable Tea Business Income to be determined after disallowance

Stewart Holl (India) Limited Vs Asistant Director of Income Tax (ITAT Kolkata)

The case began with the assessee, Stewart Holl (India) Ltd, appealing against the Commissioner of Income Tax (Appeals) order that confirmed the entire disallowance of Rs. 2,51,10,171/- pertaining to late deposit of employees’ share towards Provident Fund contribution. The assessee contended that the income should be computed after making the disallowance, in accordance with Rule 8(1) of the Income Tax Rules, 1962. This rule states that the i

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