JUDGEMENT

- (1.)This appeal by the assessee relates to the asst. yr. 1993-94 for which the accounting year ended on 31st March, 1993. The assessee is a public limited company engaged, inter alia, in the business of manufacture and sale of sugar. In the assessment proceedings, it claimed exemption from income-tax in respect of a sum of Rs. 1,97,78,396, which represented the excess price realised on levy sugar sold in the market as free sale sugar under the Sugar Incentive Scheme formulated by the Govt. of India. The claim was negatived by the ITO.
(2.)On appeal it was pointed out to the CIT(A) that the matter was covered in favour of the assessee by the order of the Tribunal, dt. 14th May, 1992, for the asst. yrs. 1986-87 and 1987-88 in the case of Balarampur Chini Mills Ltd., with which the assessee-company had since merged. It was further pointed out that for the asst. yrs. 1991-92 and 1992-93, in the assessees own case, the same CIT(A) had decided the matter in favour of the assessee.
(3.)The CIT(A) was, however, of the view that the matter should be reconsidered in the light of the following judgments, which, according to her, had not been considered by the Tribunal in the order cited supra :
1. Associated Power Co. Ltd. vs. CIT, 1996 218 ITR 195

2. Jiwajirao Sugar Co. Ltd. vs. CIT, 1989 176 ITR 182

3. Hindustan Sugar Mills Ltd. vs. State of Rajasthan Ors.,43 STC 13 .

In the opinion of the CIT(A), the aforesaid decisions which were not considered by her in her earlier orders and by the Tribunal in its order, made a difference to the position. Applying the principles laid down in these decisions it was held that the amount was revenue receipt and was rightly brought to tax as income for the year.

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