https://www.taxtmi.com/caselaws?id=10712 The High Court of Allahabad ruled in favor of the respondent-assessee, a cooperative sugar mill, in a case involving the deletion of an addition of Rs. 4,32,685 by the Income-tax Appellate Tribunal. The Court determined that the deposits collected were intended for the issuance of shares in the future and were not to be considered as trading receipts. The Court emphasized the distinction between revenue receipts and deposits for share issuance, ultimately upholding the decision of the Tribunal in favor of the assessee. en-us Thu, 24 Mar 2005 00:00:00 +0530 Wed, 22 Jul 2009 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10712 The High Court of Allahabad ruled in favor of the respondent-assessee, a cooperative sugar mill, in a case involving the deletion of an addition of Rs. 4,32,685 by the Income-tax Appellate Tribunal. The Court determined that the deposits collected were intended for the issuance of shares in the future and were not to be considered as trading receipts. The Court emphasized the distinction between revenue receipts and deposits for share issuance, ultimately upholding the decision of the Tribunal in favor of the assessee. Case-Laws Income Tax Thu, 24 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10712