1997 (7) TMI 98 - HC - Income Tax

Summary

The High Court of Allahabad was asked to consider whether the deletion of Rs. 52,632 from the total income of the assessee for the assessment year 1976-77 was justified. The amount in question was kept in reserve as per a High Court order related to storage charges for potatoes. The Appellate Tribunal upheld the deletion, citing a similar case where a similar amount was not assessable. The Court upheld the Tribunal's decision in favor of the assessee.