1982 (2) TMI 17

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.... was delivered by S. P. GOYAL J.-The Income-tax Tribunal, Amritsar Bench, has referred the following two questions to this court under s. 256(1) of the I.T. Act, 1961, at the instance of the Revenue : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the interest payment to the Sugarcane Society and interest payable on the cane comm....

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....rs. However, the above amount remained unpaid till the assessment year 1968-69. In the meantime, the assesseecompany raised a claim in the same amount against the society for short supply of raw material. The society also raised a counter-claim against the assessee-company for a sum of Rs. 26,862 on account of the latter's contribution towards the construction of one village road. The dispute betw....

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....g year. The contention of the assessee was upheld by the Tribunal which led to the reference of the above-noted question to this court. The learned counsel for the Revenue, to assail the correctness of the view of the Tribunal, contended that the amount in dispute was payable as interest on sugarcane price and cane commission during the assessment years 1961-62, 1962-63 and 1963-64. As the method ....