1999 (10) TMI 20

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....d the following question of law for the opinion of this court under section 256 of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the amount of Rs. 44,777 on account of the difference between the enhanced price and old price of fertilisers in stock on May 31, 1974, and sold during the previous year cou....

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....ernment of U. P. was challenged in a writ petition before the High Court of Allahabad and on being unsuccessful before the High Court of Allahabad, before the Supreme Court. The High Court of Allahabad as well as the Supreme Court in their interim orders while permitting the dealers to charge enhanced prices on the sales of fertilisers in stock on May 31, 1974, directed that the difference between....

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.... the statement of the case is a copy of the assessment order. The assessee was aggrieved by the assessment order and, therefore, went up in appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner, however, agreeing with the Income-tax Officer, refused to interfere and dismissed the assessee's appeal. The assessee was not satisfied with the order of the Appell....

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....retain the money as its income had not been perfected. A similar controversy arose in regard to the price of levy sugar and the matter came to this court in Dhampur Sugar Mills Ltd. v. CIT [1991] 188 ITR 787, wherein it was held that the difference in the price of sugarcane directed by the High Court to be deposited in a separate account and the price fixed under the notification was taxable under....