https://www.taxtmi.com/caselaws?id=328893 The court set aside the notice seeking to re-open assessment for the assessment year 2010-2011, finding that the discrepancies in sugarcane purchase prices did not constitute profit distribution. The excess payment to sugarcane suppliers was deemed not a legitimate business expenditure, leading to the dismissal of the notice under Section 147 of the Income Tax Act. The court relied on previous judgments to support its decision, ultimately allowing the petition and quashing the impugned notice. en-us Mon, 13 Jun 2016 00:00:00 +0530 Fri, 17 Jun 2016 09:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328893 The court set aside the notice seeking to re-open assessment for the assessment year 2010-2011, finding that the discrepancies in sugarcane purchase prices did not constitute profit distribution. The excess payment to sugarcane suppliers was deemed not a legitimate business expenditure, leading to the dismissal of the notice under Section 147 of the Income Tax Act. The court relied on previous judgments to support its decision, ultimately allowing the petition and quashing the impugned notice. Case-Laws Income Tax Mon, 13 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328893