https://www.taxtmi.com/caselaws?id=776269 The HC held that for claiming the 20% deduction under Section 32AB, profits must be determined as per Parts II and III of Schedule VI of the Companies Act, not adjusted based on Income Tax Act provisions. Deducting additional cane price from profits for computing the Section 32AB benefit was impermissible. The court rejected the Revenue's reliance on a Supreme Court decision unrelated to the issue. The question was answered in favor of the Assessee, confirming that profits finalized under the Companies Act alone are relevant for Section 32AB benefits, and additional sugarcane price paid could not be deducted while calculating such profits. en-us Tue, 05 Aug 2025 00:00:00 +0530 Thu, 07 Aug 2025 07:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776269 The HC held that for claiming the 20% deduction under Section 32AB, profits must be determined as per Parts II and III of Schedule VI of the Companies Act, not adjusted based on Income Tax Act provisions. Deducting additional cane price from profits for computing the Section 32AB benefit was impermissible. The court rejected the Revenue's reliance on a Supreme Court decision unrelated to the issue. The question was answered in favor of the Assessee, confirming that profits finalized under the Companies Act alone are relevant for Section 32AB benefits, and additional sugarcane price paid could not be deducted while calculating such profits. Case-Laws Income Tax Tue, 05 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776269