Sale of sugar to members at concessional rate vis-à-vis appropriation of profit needs reconsideration

Someshwar SSK Ltd Vs DCIT (ITAT Pune) ITAT Pune held that difference between average price of sugar sold in the market and that sold to members at concessional rate is appropriation of profit or not needs re-consideration. Accordingly, matter restored. Facts- During the course of hearing the assessee has raised its twin substantive grounds challenging correctness of both the learned lower authorities action disallowing its alleged sugar cane purchase price paid to the cane growers in excess of the fair and remunerative price, “FRP” involving Rs.28,90,45,506/- and sugar sold at concessional...