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2015 (8) TMI 520 - SUPREME COURT

2015 (8) TMI 520 - SUPREME COURT - [2015] 373 ITR 35 (SC) - Disallowance of legal claim of deduction u/s 80-P(2)(a)(iii) wherein the appellant having inadvertently claimed deduction only u/s 80-P(2)(d) - As decided by HC [2012 (5) TMI 180 - PUNJAB AND HARYANA HIGH COURT] since appellant-sugar mill is engaged in marketing of agricultural produce of its members, it is entitled for the exemption as provided under Section 80-P (2) (a) (iii) - Held that:- In view of the order passed in Morinda Co-ope .....

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existence new assets but was for the purpose of making payment to the sugarcane growers thus same shall be treated as capital receipt - the assessee is entitled to raise the contention before the Commissioner that in so far as the second issue is concerned, it is covered in his favour by the decision of this court in CIT v. Ponni Sugars and Chemicals Ltd. [2008 - TMI - 30719 - SUPREME COURT] wherein held that the payment received by the assessee under the Scheme was not in the course of a trade .....

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