1990 (10) TMI 57

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..... resented. The question referred under section 256(1) of the Income-tax Act, 1961, reads thus : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in deleting the addition of Rs. 15,057 being part of the sale price of fertilizer kept by the assessee with itself ?" The assessee is a registered firm and the assessment year concerned is 1975-7 .....

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..... cluded the amount of Rs. 7,000 which was deposited in the savings bank account in the name of the District Magistrate, but directed that the amount of Rs. 15,057 should be included in the assessee's income. On further appeal by the assessee, the Tribunal deleted the amount of Rs. 15,057 relying on its own order in 1. T. A. No. 2126 of 1975-76 (Govind Prasad Prabhu Nath, Sultanpur). Thereupon, th .....

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..... failed to deposit that amount in a separate account, it does constitute his income and to direct further that if and when the assessee's right to the said amount is negatived finally, he may claim deduction in that behalf in that year. Having regard to the facts of this case and particularly in view of the fact that the petitioner failed to comply with the condition subject to which he was allowe .....

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