- (1.) THE Income-tax Appellate Tribunal referred the following questions for the opinion of this court for the assessment year 1975-76 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the difference of amount in old and new rates of fertiliser could not be treated as assessee's income ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law upholding the order of the Appellate Assistant Commissioner ?"
(2.) THE Income-tax Appellate Tribunal (Allahabad Bench) held in the case of Govind Prasad Prabhu Nath that difference between old and new rate of stock of fertiliser cannot be taxed as income "accrued" or "arisen" to the assessee and that view was affirmed by this High Court in CIT v. Govind Prasad Prabhu Nath [1988] 171 ITR 417. Following the said decision, we answer the abovementioned questions in the affirmative, i.e., in favour of the assessee and against the Revenue. Record of this case be sent down to the Appellate Tribunal to pass an order conformably to our order.;