- (1.) Heard The Learned Counsel On Both Sides. Delay Condoned. Leave Granted.
(2.) The Assessee(S) Is A Cooperative Society Engaged In The Business Of Production Of Sugar From Sugarcane And Sale Thereof. The Assessee(S) Buys Sugarcane From Its Members. Every Month And On Diwali, Assessee(S) Sells Certain Quantity Of Sugar (Final Product) At Concessional Rate To Farmers/Cane Growers/Members. The Difference Between The Average Price Of Sugar Sold In The Market And The Price Of Sugar Sold By The Assessee(S) To Its Members At Concessional Rate Is Sought To Be Taxed By The Department Under The Head "Appropriation Of Profit".
(3.) The Question, Whether The Above Difference Between The Fair Market Price And The Concessional Price Should Or Should Not Be Added To The Total Income Of The Assessee(S) Society, Needs To Be Re-Looked By The Commissioner Of Income Tax (Appeals) [For Short "Cit (A)"].;