https://www.taxtmi.com/caselaws?id=300361 The Tribunal remitted the matter back to the Assessing Officer to determine the profit component and deductible expenditure regarding excess price paid to sugarcane growers. Following a recent Supreme Court judgment, the Tribunal clarified that the difference between Statutory Minimum Price and additional purchase price could be considered as profit distribution. It emphasized the need for consistency in decision-making by the Assessing Officer across different assessment years and directed a thorough examination of accounts to distinguish between allowable expenses and profit-sharing components. The Tribunal allowed the appeal for statistical purposes, setting aside previous orders for a fresh determination in line with the Supreme Court's directive. en-us Fri, 19 Jul 2019 00:00:00 +0530 Fri, 28 Jan 2022 09:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300361 The Tribunal remitted the matter back to the Assessing Officer to determine the profit component and deductible expenditure regarding excess price paid to sugarcane growers. Following a recent Supreme Court judgment, the Tribunal clarified that the difference between Statutory Minimum Price and additional purchase price could be considered as profit distribution. It emphasized the need for consistency in decision-making by the Assessing Officer across different assessment years and directed a thorough examination of accounts to distinguish between allowable expenses and profit-sharing components. The Tribunal allowed the appeal for statistical purposes, setting aside previous orders for a fresh determination in line with the Supreme Court's directive. Case-Laws Income Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300361