1991 (9) TMI 38

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..... Act, 1961 ( " the Act " for short ), reads thus : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,08,644 made in the assessment for the assessment year 1980-81, being the amount transferred to the 'molasses storage fund' from the sale proceeds of .....

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..... of the income of the assessee. The assessee contended before the Income-tax Officer that there was diversion of the aforesaid amount by overriding title created by the statutory order ; though the Assessing Officer did not accept this contention, the first appellate authority accepted the same by allowing the appeal filed by the assessee. This order was affirmed by the Appellate Tribunal. Hence .....

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