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2017 (7) TMI 142 - HC - Income TaxUnclaimed amounts out of the Guarantee Reserve Account received in earlier years - accessibility to tax - deposit had changed its character into income - Held that:- Tribunal has considered the contract between the parties i.e. after lapse of two months, the right of students to claim the amount coming to an end. The second circular was disbelieved by the Tribunal. The said finding is a findings of fact, which cannot be gone into in the reference. The contract between the parties was clear that the refund must be claimed by the candidate within two months of the declaration of the result of the concerned written test. Refund claimed thereof will not be granted. In view of the clear finding of fact, the parties would be governed by the contract. Considering the facts of the case of the Petitioner, the observations of the Apex Court in case of Commissioner of Income Tax vs. T.V. Sundaram Iyengar and Sons Ltd (1997 (11) TMI 50 - MADRAS High Court) would be relevant. In case of Commissioner of Income Tax vs. Sugauli Sugar Works (P.) Ltd.(1999 (2) TMI 5 - SUPREME Court) before the Apex Court, the facts were different. If the Petitioner would have proved the second circular, then the Assessee would have been on a better footing. - Decided against the Assessee.
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