IT notices to SCA, Sugar cooperatives in Gujarat
February 05, 2014
Ahmedabad, 5 February 2014
The income tax department has begun issuing fresh demand notices to cooperative sugar mills in Gujarat for paying cane price over and above the fair and remunerative price (FRP) fixed by the government.
Sugar mill owners said co-operatives do not pay any income tax because they say the profit generated is distributed among member farmers. However, according to the I-T department, the money paid to farmers above the FRP is profit and hence attracts income tax.
The I-T department has assessed the dues of the sugar industry at Rs 6174.41 crore for the period of over 25 years.
Income Tax department has slapped Rs. 26 crore notice to Saurashtra Cricket Association after survey of last two years.
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