Amount in Molasses & Spirit Storage Funds not Income for Assessee in Assessment Year

The High Court of Karnataka held that the amount credited to the molasses storage fund and spirit storage fund did not constitute income for the assessee in the relevant assessment year, based on a previous court judgment, ruling in favor of the assessee.

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The High Court of Karnataka ruled in a judgment delivered by Judges S. P. Bharucha and Shivaraj Patil that the amount credited to the molasses storage fund and spirit storage fund, as part of a statutory obligation, did not constitute income for the assessee in the relevant assessment year. The decision was based on a previous court judgment and the question was answered in favor of the assessee. (Case citation: 1992 (2) TMI 22 - KARNATAKA High Court)

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