Allowing the appeal of the assessee the Tribunal held that the Rule 7A is applicable to computation of income derived from sale of centrifuged Latex or Latex based crepes etc , only ; proceeds on sale of rubber trees and timber cannot be brought to tax under Rule 7A . ( AY. 2006 -07)
Aspinwall and Co Ltd v. ACIT (2020) 183 ITD 621 / 116 taxmann.com 851 ( Cochin) (Trib)
S. 2(1A) : Agricultural income – Rubber manufacturer – Sale of rubber trees and timber cannot be brought to tax under rule 7A [ R.7A ]