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2023 (6) TMI 399 - ITAT AHMEDABADDisallowance of purchase of sugarcane, as prior period expenses - Fair Market Price of the sugar - CIT(A) while deleting the addition has given a finding that the assessee operates in the agriculture sector and deals in seasonal crop and the price of which is controlled by the Government - HELD THAT:- As given a finding that the actual Fair Market Price of the sugar was decided on 05.12.2007 which was much after the completion of sugar season of 2006-07 and the payments made thereafter cannot be considered to be prior period expenses more so when the genuineness of the payments to the farmers has not been doubted by the Revenue. Before us, Revenue has not pointed out to any fallacy in the findings of the CIT(A). In such a situation, we find no reason to interfere with the order of the CIT(A) and thus this ground raised by the Revenue is dismissed. Disallowance of sugarcane advance which was written off as not recoverable and was debited to Profit & Loss account - CIT-A deleted the addition - HELD THAT:- CIT(A), while deleting the addition, has given a finding that the aforesaid amount represented advances given by the assessee to members but which have never been debited to the Profit & Loss account as a charge against the profit in earlier years and therefore it cannot be added as income. Before us, no fallacy in the finding of the CIT(A) have been pointed out by the Revenue. In such a situation, we find no reason to interfere with the order of the CIT(A) and thus this ground of appeal raised by the Revenue is also dismissed.
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