INCOME TAX ACT, 1961

--Business incomeChargeability Difference between average price and concessional price--Assessee-co-operative society engaged in production and sale of sugar, sold certain quantity at concessional rate to formers/cane growers/members every mont and on diwali. Assessing officer sought to tax the difference between average price sold in market and concessional price under appropriation of profit. Held: /i>Issue was remitted to Commissioner (Appeals) to look into the accounts and verify the basis for sale of sugar at concessional price on month to month basis apart from Diwali whether the difference should or should not be added to the total income, whether selling sugar at concessional rate has become the practice or custom in the Co-operative Sugar Industry, and whether any Resolution has been passed by the State Government supporting the practice.