https://www.taxtmi.com/caselaws?id=7706 Rule 23 valuation of sugarcane used as raw material required the average market price in the relevant year, and the assessee's limited purchase data, association circulars, and unproved quality-based uplift were held insufficient to establish the claimed figure. The tax authorities were therefore justified in adopting reliable comparable evidence, including Government floor prices and assessments of similar sugar companies, to fix a reasonable market value. On deductions, the managing agency commission and overhead expenses were treated as allowable business deductions in line with the earlier sugar mills precedent applied by the Court. en-us Mon, 12 Jan 1970 00:00:00 +0530 Tue, 17 Mar 2009 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7706 Rule 23 valuation of sugarcane used as raw material required the average market price in the relevant year, and the assessee's limited purchase data, association circulars, and unproved quality-based uplift were held insufficient to establish the claimed figure. The tax authorities were therefore justified in adopting reliable comparable evidence, including Government floor prices and assessments of similar sugar companies, to fix a reasonable market value. On deductions, the managing agency commission and overhead expenses were treated as allowable business deductions in line with the earlier sugar mills precedent applied by the Court. Case-Laws Income Tax Mon, 12 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7706