- (1.) THE Tribunal, Allahabad has referred the following question of law under s. 256(1) of the IT Act, 1961, hereinafter referred to as 'the Act', for opinion to this Court : "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that sum of Rs. 12,76,141 collected by the assessee on account of difference in price of levy sugar collected by the assessee pursuant to entitlement to receive the same cannot be said to be revenue receipt taxable in the accounting period under consideration -
(2.) THE reference relates to the asst. yr. 1982 -83.
(3.) WE have heard Sri A.N. Mahajan, learned standing counsel for the Revenue. Nobody has appeared on behalf of the respondent assessee. An identical question came up for consideration before this Court in CIT vs. Dhampur Sugar Mills Ltd. (IT Ref. No. 18 amount of difference in prices of levy sugar realised by the assessee pursuant to the interim order passed by the High Court did not form part of the trading receipt.;