1997 (10) TMI 31

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..... e-tax Appellate Tribunal has stated the case and referred the following common question of law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : "Whether, on the facts and in 'the circumstances of the case, the Appellate Tribunal was right in holding that the amount set apart towards molasses storage fund account and molasses storage tank fund account should be exc .....

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..... al. The Revenue has come by way of reference challenging the order of the Tribunal and the Tribunal has stated a case and referred the question as stated above. It is fairly conceded by C. V. Rajan, learned counsel for the Revenue, that a similar question came up for consideration in the case of CIT v. Salem Co-operative Sugar Mills Ltd. [1998] 229 ITR 285 and this court in a similar circumstance .....

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..... income ?" Inasmuch as the point raised in the question reframed by us is covered by the decision of this court in the case of CIT v. Salem Co-operative Sugar Mills Ltd. [1998] 229 ITR 285 following the said decision we answer the question of law referred to us and as reframed by us in the affirmative and against the Revenue. There will be no order as to costs.    
Case laws, Deci .....

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