Siddheshwar Sahakari Sakhar Karkhana Ltd. vs Commissioner Of Income Tax & Ors.*

Authority: Supreme Court Date: 2004-09-08 AY: 1984-85, 1985-86, 1986-87, 1987-88, 1988-89 Section: 4, 28(i) Acts: Income Tax Act 1961, Maharashtra Co-operative Societies Act 1960 Result: Partly Citation: (2004) 191 CTR (SC) 66 : (2004) 270 ITR 1 (SC) : (2004) 139 TAXMAN 434 (SC) Justices: Mrs. Ruma Pal & P. Venkatarama Reddi, JJ. Appeal No: Civil Appeal Nos. 6973 to 6975 of 2000**
Whether compulsory deductions made by sugar cooperative societies on account of non-refundable and refundable deposits from sugarcane purchase price constitute revenue receipts taxable under the Income Tax Act --- Held: Non-refundable deposits are capital receipts and not taxable; Refundable deposits are trading receipts and taxable.

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