9911796707
TMI Blog1999 (10) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the amount of Rs. 44,777 on account of the difference between the enhanced price and old price of fertilisers in stock on May 31, 1974, and sold during the previous year could not be treated as the assessee's income for the assessment year 1976-77 ?" The aforesaid qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsuccessful before the High Court of Allahabad, before the Supreme Court. The High Court of Allahabad as well as the Supreme Court in their interim orders while permitting the dealers to charge enhanced prices on the sales of fertilisers in stock on May 31, 1974, directed that the difference between the increased prices and the old prices should be deposited within a fortnight after the sale in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order and, therefore, went up in appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner, however, agreeing with the Income-tax Officer, refused to interfere and dismissed the assessee's appeal. The assessee was not satisfied with the order of the Appellate Assistant Commissioner and, therefore, came up in appeal before the Appellate Tribunal. The Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of levy sugar and the matter came to this court in Dhampur Sugar Mills Ltd. v. CIT [1991] 188 ITR 787, wherein it was held that the difference in the price of sugarcane directed by the High Court to be deposited in a separate account and the price fixed under the notification was taxable under section 41(1) in the year in which it actually realised the amount and that the difference cannot be tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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