Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (8) TMI 260 - HC - Income TaxAssessee, Co-operative Sugar Factory - assessee purchased sugarcane at a price fixed by the State Govt which was higher than statutory minimum price (SMP) – plea of revenue that differential amount between State govt. price & SMP is nature of distribution of profit, is not acceptable – assessee have to pay state advices price – Sec. 40A(2) not applicable to cooperative society - Khodki charges was not Bonus & these are incurred for the business purposes so allowable as business expenditure
|