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Commissioner of Income Tax Versus Ponni Sugars & Chemicals Ltd.

TCR NOS. 186 TO 188 OF 1999 - Dated:- 3-12-2002 - N.V. BALASUBRAMANIAN AND K. RAVIRAJA PANDIAN, JJ. Shri T. Ravikumar for the Applicant. Shri S.A. Balasubramanian for the Respondent. JUDGMENT N.V. Balasubramanian, J. - The Income-tax Appellate Tribunal has stated a case and referred the following questions of law in relation to the assessment years 1986-87 to 1988-89 :- "1. Whether on the facts and in the circumstances of the case the Tribunal is right in law in holding that the incentive p .....

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tatutory obligation will not form part of the assessee s total income?" 2. Insofar as the first question of law referred to us is concerned, it is fairly stated by the counsel for the Revenue that the incentive provided by the Government of India in respect of the difference in sale price in levy sugar and excise duty repaid would form part of the sale price and would be taxable as business income. As far as the subsidy given by the State Government is concerned, this Court in T.C. No. 492 .....

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