1991 (3) TMI 42 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, a private limited company engaged in sugar manufacturing, regarding the extra amount of Rs. 2,62,651 realized on enhanced sugar prices not being part of their income for the assessment year 1973-74. The court referred to a previous decision in Dhampur Sugar Mills Ltd. v. CIT [1991] 188 ITR 787 (AU) with practically identical facts, and answered the question in favor of the assessee.