2005 (1) TMI 745

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..... of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for opinion to this Court : "Whether, in law and on facts of the case, the claim of ₹ 2,14,694 on account of interest on excess realisation of levy sugar price for the season 1973-74 and thereby dismissing the appeal filed by the department?" 2. Briefly, stated the facts in the .....

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..... Levy Sugar Equalisation Fund Act, 1976 is allowable during the year in which it has accrued. 3. In this view of the matter, the Tribunal was justified in accepting the claim of allowability of ₹ 2,14,694 on account of interest. We accordingly answer the question of law referred to us in affirmative i.e., in favour of the assessee and against the revenue. 4. However, there shall be no order .....

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