HC Disallows Deduction of Additional Sugarcane Price in Section 32AB Calculations

Ravalgaon Sugar Farm Ltd. Vs CIT (Bombay High Court)

For Deduction u/s 32AB, the profits will be taken as reflected in the Profit & Loss Account finalized under Part II and III of the VI Schedule of the Companies Act, 1956 (Companies Act)– Bombay High Court

It is held that while computing the benefit under Section 32AB of the Act, the profit of the eligible business computed as per the requirement of Parts-II and III of Schedule-VI to the Companies Act can alone be taken into consideration and that therefore the additional sugarcane price paid in the m

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