Law:

Section:

Section 2(1A) of the Income-tax Act, 1961, read with rule 8 of the Income-Tax Rules, 1962 - Agricultural income - Allowable As - Assessment year 2004-05 - Assessee, as a part of its plantation business, carried on a composite activity of growing tea leaves which were then utilized for manufacture and sale of dried tea leaves - For relevant assessment year, it incurred loss in plantation division - According to assessee, in terms of rule 8, 60 per cent of loss, which was sustained as a result of its composite operations, should be attributable to agricultural activity and balance representing 40 per cent attributable to business activities should be set off against normal business profit - Assessment was completed accepting assessee's return - Thereafter, Assessing Officer issued impugned notice under section 148 to reopen assessment on ground that provisions of rule 8 were applicable 'only in case of income' and claim of assessee to set off 40 per cent of losses against normal business profits could not be allowed - Whether in computing income from sale of tea leaves, as if it is income derived from business for purposes of rule 8, it is impossible to comprehend that expenditure…

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