COMMISSIONER OF INCOME TAX Vs. AMRIT GOLD STORAGE

JUDGEMENT

(1.) THE following question is referred for the opinion of this court by the Income-tax Appellate Tribunal for the assessment year 1976-77 for which the accounting year ended on January 31, 1976 :

(2.) THE facts as gleaned from the statement of the case are that in Part III of its return, the assessee-firm disclosed an amount of Rs. 52,631.77, which was claimed to be exempt. THE particulars of this amount, as disclosed in Part III of the return, are as follows :

(3.) ON appeal, the Appellate Assistant Commissioner observed that though the assessee had collected the amount, yet it had not become legally entitled to receive that income. The Appellate Assistant Commissioner held that no such income could be said to have accrued or arisen to the assessee during the assessment year 1976-77. He, therefore, deleted the addition of Rs. 52,632.