https://www.taxtmi.com/caselaws?id=28047 The court ruled in favor of the assessee, M/s. M.P. Sugar Mills Private Ltd., in a case involving the deduction of additional price of sugarcane as a liability for the assessment year 1963-64. The court allowed the deduction, stating that the liability to pay additional price accrued in the year the sugarcane was purchased. Additionally, the court held that losses from forward transactions of sale of raw materials could be classified as hedging losses under the Income-tax Act, 1961, broadening the scope beyond purchases. Both issues were decided in favor of the assessee, who was awarded costs assessed at Rs. 200. en-us Mon, 22 Aug 1983 00:00:00 +0530 Wed, 17 Feb 2010 15:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28047 The court ruled in favor of the assessee, M/s. M.P. Sugar Mills Private Ltd., in a case involving the deduction of additional price of sugarcane as a liability for the assessment year 1963-64. The court allowed the deduction, stating that the liability to pay additional price accrued in the year the sugarcane was purchased. Additionally, the court held that losses from forward transactions of sale of raw materials could be classified as hedging losses under the Income-tax Act, 1961, broadening the scope beyond purchases. Both issues were decided in favor of the assessee, who was awarded costs assessed at Rs. 200. Case-Laws Income Tax Mon, 22 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28047