https://www.taxtmi.com/caselaws?id=388113 ITAT Pune held that excess sugarcane price could not be added without first separating the deductible minimum price from any profit element embedded in the additional price fixed under the control order; the matter was remanded for fresh examination of the accounts and supporting material. It further held that concessional sale of sugar to members was not appropriation of profit merely because the realisation was below market price; taxability depended on whether the sale price fell below the assessee's true cost price, which had to be computed on a direct and indirect cost basis before any addition could be made. Both additions were therefore set aside and sent back for recomputation. en-us Tue, 05 Nov 2019 00:00:00 +0530 Thu, 07 Nov 2019 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388113 ITAT Pune held that excess sugarcane price could not be added without first separating the deductible minimum price from any profit element embedded in the additional price fixed under the control order; the matter was remanded for fresh examination of the accounts and supporting material. It further held that concessional sale of sugar to members was not appropriation of profit merely because the realisation was below market price; taxability depended on whether the sale price fell below the assessee's true cost price, which had to be computed on a direct and indirect cost basis before any addition could be made. Both additions were therefore set aside and sent back for recomputation. Case-Laws Income Tax Tue, 05 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388113