https://www.taxtmi.com/caselaws?id=28444 The court ruled in favor of the Department, concluding that sugarcane is ordinarily sold in the market in its raw state, thus Rule 7(2)(a) applies over Rule 7(2)(b) in computing income tax. The Tribunal's guidelines for computing reasonable profit under Rule 7(2)(b) were deemed flawed. The court directed the correct application of Rule 7(2)(a) for computation and ordered the assessee to pay the Department's costs, including counsel fees of Rs. 500. en-us Tue, 07 Dec 1982 00:00:00 +0530 Mon, 22 Feb 2010 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28444 The court ruled in favor of the Department, concluding that sugarcane is ordinarily sold in the market in its raw state, thus Rule 7(2)(a) applies over Rule 7(2)(b) in computing income tax. The Tribunal's guidelines for computing reasonable profit under Rule 7(2)(b) were deemed flawed. The court directed the correct application of Rule 7(2)(a) for computation and ordered the assessee to pay the Department's costs, including counsel fees of Rs. 500. Case-Laws Income Tax Tue, 07 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28444