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Payment for sugarcane in excess of its SMP can’t be treated as appropriation of profit: SC

March 6, 2019[2019] 103 taxmann.com 57 (SC)/[2019] 262 Taxman 176 (SC)/[2019] 412 ITR 420 (SC)
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IT: Entire/whole amount of difference between Statutory Minimum Price (SMP) and Additional Price (SAP) fixed for sugarcane cannot be said to be an appropriation of profit, only component of profit worked out while determining final price can be said to be an appropriation of profit and rest of amount is to be considered as deductible expenditure

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