2000 (11) TMI 84 - HC - Income Tax

Summary

During the assessment year 1981-82, the assessee collected excess money from buyers for levy sugar, held in suspense account. Tribunal ruled it was not income as it was subject to court orders for refund. High Court agreed, citing Supreme Court case K. C. P. Ltd. v. CIT [2000] 245 ITR 421, distinguishing it from other cases where liability to refund was clear. Decision favored the assessee against the Revenue.