1992 (2) TMI 22 - HC - Income Tax

Summary

The High Court of Karnataka ruled in a judgment delivered by Judges S. P. Bharucha and Shivaraj Patil that the amount credited to the molasses storage fund and spirit storage fund, as part of a statutory obligation, did not constitute income for the assessee in the relevant assessment year. The decision was based on a previous court judgment and the question was answered in favor of the assessee. (Case citation: 1992 (2) TMI 22 - KARNATAKA High Court)