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Petitioner: COMMISSIONER OF INCOME-TAX VS Respondent: HIRANYAKESHI SAHAKARI SAKKARE JUDGMENT
Court Name: karnataka High Court Judge(s): S. P. Bharucha, Shivaraj Patil Title:COMMISSIONER OF INCOME-TAX vs HIRANYAKESHI SAHAKARI SAKKARE
JUDGMENT
Reported As: 1993 PTD 1390 Result: Question answered Judgment JUDGMENT ' S.P. BHARUCHA, C.J.---The only question to be considered in this reference relating to the assessm ent year 1982-83 reads thus: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the amount which was credited to the molasses storage fund and spirit storage fund as part of the statutory obligation cast on the assessee came from out of the sale proceeds of molasses and ethyl alchohol effected in the accounting year under consideration and they should not be taken as income of the assessee in the relevant assessment year?" Counsel are agreed that, in view of this Court's judgment dated September 11, 1991, C.I.T. v. Pandavapura Sahakara Sakkare Kharkane Ltd. 4 (1992) 198 ITR 690 (I.T.R.C. No,47 of 1990), the question has to be answered in the affirmative and in favour of the assessee. It is so answered.