Income Tax Appellate Tribunal Itat Cochin Court July 1985 Judgments Home Cases Income Tax Appellate Tribunal Itat Cochin 1985 Page 1 of about 1 results (0.017 seconds)

income-tax Officer Vs. Kerala State Drugs and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1985)14ITD421(Coch.)

1. This is a departmental appeal directed against the Commissioner (Appeals), Calicut's order dated 20-12-1982 and it relates to the assessment year 1978-79. The only question involved in this appeal is whether the amount of Rs. 41,86,349 which was credited as the price of medicines supplied to the Government which the Government of Kerala did not accept should be treated as part of the trading receipts of the assessee.2. The assessee is a company in which the public are substantially interested and it is a subsidiary of the Kerala State Industrial Enterprises Ltd., Trivandrum. It is engaged in the manufacture and sale of pharmaceutical products. We are concerned with the assessment year 1978-79 for which the previous year is the financial year ended on 31-3-1978. Receipt of Rs. 41,86,349 which was taken credit for in the accounts of the assessee as amount receivable from the Government of Kerala on the basis of the recommendation of the Bureau of Industrial Costs and Prices was treat...