Commissioner Of Income-Tax vs H.R. Sugar Factory Pvt. Ltd. on 31 July, 1990
Learned Counsel for the Revenue pointed out that subsequently, this Court had examined the matter in great detail in its judgment in CIT v. Abhishek Industries Ltd. and after noticing different view points on the issue, respectfully disagreed with the view taken by Delhi High Court in CIT v. Tin Box Co. and CIT v. Orissa Cement Ltd. , Allahabad High Court in CIT v. Radico Khaitan Ltd. and CIT v. Prem Heavy Engineering Works (P) Ltd. (2006) 150 Taxman 90 (All), Calcutta High Court in CIT v. Britannia Industries Ltd. High Court in R.D. Joshi & Co. v. CIT and inter alia concurred with the view taken by Madras High Court in K. Somasundaram & Brothers v. CIT v. M.S. Venkateswaran and CIT v. P. Ganu Rao & Sons , Kerala High Court in CIT v. V.I. Baby & Co. , Delhi High Court in CIT v. Motor General Finance Ltd. (2002) 173 CTR (Del) 123 : (2002) 254 ITR 449 (Del), Allahabad High Court in CIT v. H.R. Sugar Factory (P) Ltd. and CIT v. H.R. Sugar Factory (1991) 190 ITR 643 (All), Orissa High Court in Indian Metals & Ferro Alloys Ltd. v. CIT (1992) 193 ITR 344 (Ori) and this High Court in S.A. Builders Ltd. v. CIT and Anr. . It was held: