IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX REFERENCE NO. 115 OF 1998. TAX REFERENCE NO. 115 OF 1998. TAX REFERENCE NO. 115 OF 1998. The Godavari Sugar Mills Ltd. ... Applicant. V/s. The Commissioner of Income-tax. ... Respondent. P.J.Pardiwala i/b. Mulla & Mulla C.B.C. for the applicant. Ashok Kotangale with Parag Vyas for the respondent. CORAM CORAM CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. : V.C.DAGA AND J.P.DEVADHAR, JJ. : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED DATED DATED : 4th October 2005. : 4th October 2005. : 4th October 2005. P.C. P.C. P.C. : : : ---- ---- ---- . By this reference under section 256(1) of the Income-tax Act, 1961, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in disallowing Rs.3,53,204/-, Rs.2,82,868/- on account of amount deducted from sales realisation proceeds of molasses towards Storage Fund for Molasses Account in accordance with Molasses Control (Amendment) Order, 1974." . Learned counsel for the parties agreed that the question sought to be referred to this Court for opinion has already been answered by the Apex Court in the case of C.I.T. v. New Horizon Sugar Mills C.I.T. v. New Horizon Sugar Mills C.I.T. v. New Horizon Sugar Mills P.Ltd. P.Ltd. P.Ltd., (2004) 269 ITR 397 in favour of assessee. . Accordingly, the question referred is answered in the negative i.e. in favour of assessee and against the Revenue. . Reference stands disposed of with no order as to costs. (J.P.DEVADHAR, (J.P.DEVADHAR, (J.P.DEVADHAR, J.) J.) J.) (V.C.DAGA, (V.C.DAGA, (V.C.DAGA, J.) J.) J.)