https://www.taxtmi.com/caselaws?id=38370 Valuation of self-produced sugarcane for taxable manufacturing may not be based on the average rate paid to outside suppliers where those purchases are not comparable. Prices under forward contracts included delivery or carting costs to the factory gate, while the assessee's own farms were adjacent to the factories. In the absence of reliable proof that self-grown cane had a higher value, the lower cane rates fixed by the taxing authorities were supported by sufficient evidence. Non-comparable market purchases, particularly those affected by contractual terms and transport elements, cannot serve as a reliable benchmark for valuing self-produced agricultural inputs. en-us Fri, 16 Jul 1976 00:00:00 +0530 Mon, 05 Apr 2010 17:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38370 Valuation of self-produced sugarcane for taxable manufacturing may not be based on the average rate paid to outside suppliers where those purchases are not comparable. Prices under forward contracts included delivery or carting costs to the factory gate, while the assessee's own farms were adjacent to the factories. In the absence of reliable proof that self-grown cane had a higher value, the lower cane rates fixed by the taxing authorities were supported by sufficient evidence. Non-comparable market purchases, particularly those affected by contractual terms and transport elements, cannot serve as a reliable benchmark for valuing self-produced agricultural inputs. Case-Laws Income Tax Fri, 16 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38370