https://www.taxtmi.com/caselaws?id=388114 The Tribunal partly allowed the appeals, remitting specific issues to the Assessing Officer (AO) for fresh determination. The Tribunal emphasized the importance of detailed examination and adherence to legal precedents, directing that only actual appropriation of profit should be taxed, while potential profit loss should not be. The AO was instructed to determine taxability based on cost price for sugar sales, ascertain profit components for excessive sugarcane prices, and verify deductions under sections 80P(2)(c) and 80P(2)(d) along with carry forward losses. The initiation of re-assessment proceedings was upheld due to income escaping assessment. en-us Tue, 05 Nov 2019 00:00:00 +0530 Thu, 07 Nov 2019 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388114 The Tribunal partly allowed the appeals, remitting specific issues to the Assessing Officer (AO) for fresh determination. The Tribunal emphasized the importance of detailed examination and adherence to legal precedents, directing that only actual appropriation of profit should be taxed, while potential profit loss should not be. The AO was instructed to determine taxability based on cost price for sugar sales, ascertain profit components for excessive sugarcane prices, and verify deductions under sections 80P(2)(c) and 80P(2)(d) along with carry forward losses. The initiation of re-assessment proceedings was upheld due to income escaping assessment. Case-Laws Income Tax Tue, 05 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388114