https://www.taxtmi.com/caselaws?id=376300 SC held that excess cane purchase price paid by cooperative society to members above statutory minimum price (SMP) cannot be entirely treated as profit distribution. Only the profit component within the state-advised price (SAP) determination constitutes profit appropriation under sections 37 and 40A. Assessing officers must examine accounts, balance sheets, and government materials to identify actual profit elements versus legitimate expenditure. The distinction requires case-by-case analysis of business operations and SAP calculation methodology. Orders of HC, ITAT, and CIT(A) were quashed, matters remitted to assessing officers for fresh determination following prescribed exercise. en-us Tue, 05 Mar 2019 00:00:00 +0530 Wed, 16 Jul 2025 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376300 SC held that excess cane purchase price paid by cooperative society to members above statutory minimum price (SMP) cannot be entirely treated as profit distribution. Only the profit component within the state-advised price (SAP) determination constitutes profit appropriation under sections 37 and 40A. Assessing officers must examine accounts, balance sheets, and government materials to identify actual profit elements versus legitimate expenditure. The distinction requires case-by-case analysis of business operations and SAP calculation methodology. Orders of HC, ITAT, and CIT(A) were quashed, matters remitted to assessing officers for fresh determination following prescribed exercise. Case-Laws Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376300