1991 (9) TMI 38

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....y K. SHIVASHANKAR BHAT J. -The question referred to us under the provisions of the Income-tax Act, 1961 ( " the Act " for short ), reads thus : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,08,644 made in the assessment for the assessment ye....

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....e had set apart the amounts as " molasses storage fund " and claimed that this amount was not part of the income of the assessee. The assessee contended before the Income-tax Officer that there was diversion of the aforesaid amount by overriding title created by the statutory order ; though the Assessing Officer did not accept this contention, the first appellate authority accepted the same by ....