1997 (10) TMI 31

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....the instance of the Revenue, the Income-tax Appellate Tribunal has stated the case and referred the following common question of law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : "Whether, on the facts and in 'the circumstances of the case, the Appellate Tribunal was right in holding that the amount set apart towards molasses storage fund account and molasses....

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....nfirmed by the Income-tax Appellate Tribunal. The Revenue has come by way of reference challenging the order of the Tribunal and the Tribunal has stated a case and referred the question as stated above. It is fairly conceded by C. V. Rajan, learned counsel for the Revenue, that a similar question came up for consideration in the case of CIT v. Salem Co-operative Sugar Mills Ltd. [1998] 229 ITR 285....