| Citation(s) |
|---|
| 2002 SLG 272 2002 SLD 272 2002 PTD 1681 (2000) 242 ITR 456 |
Madras High Court
Tax Cases Nos. 156 of 158 to 1987 (References Nos. 96 to 98 of 1987), decision dated: 29-07-1997
K.A. THANIKKACHALAM AND K. P. SIVASUBRAMANIAM, JJ
C.V. Rajan for the Commissioner. Nemo for the Assessee
Tax Cases Nos. 156 of 158 to 1987 (References Nos. 96 to 98 of 1987), decision dated: 29-07-1997
K.A. THANIKKACHALAM AND K. P. SIVASUBRAMANIAM, JJ
C.V. Rajan for the Commissioner. Nemo for the Assessee
COMMISSIONER OF IncomE tax
VS
KOTHARI SUGARS AND CHEMICALS LTD
Law: Income Tax Act, 1961
Section: 256
Income-tax---Income---Sugar manufacture---Amount set apart for credit to molasses storage fund account---Not includible in income. The amount set apart for "molasses storage fund" is an allowable deduction. CIT v. Salem Cooperative Sugar Mills Ltd. (1998) 229 ITR 285 (Mad.) fol. JUDGMENT K.A. THANIKKACHALAM, J.---At the instance of the Department, the Tribunal: referred the following common question for the opinion of this Court for the assessment years 1978-79 to 1980-81, under section 256(2) of the Income Tax Act, 1961: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the amount set…
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