2024 (10) TMI 767

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..... price (SMP) was cane price and not diversion of profit and as such allowable as business expenditure under section 37(1) - whether part of the cane price paid to the sugar cane suppliers and the khodki charges incurred by the assessee could be disallowed on the ground that the said expenditure constitute appropriation of profits / bonus under the provisions of M.C.S. Act, 1960 ? - HC [ 2009 (5) T .....

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..... sing officer by calling upon the assessee to produce the statement of accounts, balance sheet and the material supplied to the State Government for the purpose of deciding/fixing the final price/additional purchase price/SAP under Clause 5A of the Control Order, 1966. Merely because the higher price is paid to both, members and non-members, qua the members, still the question would remain with res .....

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..... rs to undertake the exercise as stated hereinabove and after giving an opportunity to the respective assessee's. - HON'BLE MR. JUSTICE ABHAY S. OKA AND HON'BLE MR. JUSTICE UJJAL BHUYAN For the Petitioner : Mr. N Venkataraman, A.S.G., Mr. Arijit Prasad, Sr. Adv., Mr. Rupesh Kumar, Sr. Adv., Mr. V Chandrashekhara Bharathi, Adv., Mr. Anshul Dutt, Adv., Mr. Raj Bahadur Yadav, AOR, Mr. B .....

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