RAOSAHEBDADA PAWAR GHODGANGA SAHAKARI SAKHAR KARKHANA LTD,PUNE vs. INCOME-TAX OFFICER, WARD - 13, PUNE

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ITA 264/PUN/2018Status: DisposedITAT Pune14 September 2021AY 2014-159 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the difference between the market price and the concessional price cannot be straightway construed as appropriation of profit. The matter was restored to the AO to ascertain the cost price and make additions only to the extent the concessional sale price is below the cost price.

What were the facts?

The assessee, a cooperative sugar factory, sold sugar at a concessional rate to its members, resulting in a difference between the market price and the concessional price. The Assessing Officer and CIT(Appeal) added this difference to the assessee's total income.

What were the issues?

Whether the difference between the market price and the concessional sale price of sugar to members constitutes income taxable in the hands of the assessee, and if so, to what extent.

Which sections of the Income-tax Act were involved?

Section 68

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Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI R.S.SYAL, VP & SHRI PARTHA SARATHI CHAUDHURY, JM

For Appellant: Smt. Deepa Khare
For Respondent: Shri Deepak Garg &, Shri Vitthal Bhosale
Hearing: 14.09.2021Pronounced: 14.09.2021

आदेशानुसार / BY ORDER, // True Copy // धनजी सधचव / Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Date 1 Draft dictated on 14.09.2021 Sr.PS/PS 2 Draft placed before author 14.09.2021 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved by AM/JM second Member 5 Approved draft comes to the Sr.PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 Date of uploading of order Sr.PS/PS 8 File sent to Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R 11 Date of dispatch of order

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