1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.97 OF 1997 The Commissioner of Income Tax Nasik .. Applicant. V/s. Purna S.S.K. Ltd. Basmatnagar, Dist Parbhani .. Respondent. Mr.A.S. Rao with Mr.Pankaj Kapoor for the applicant. Mr.S.N. Inamdar with Mr.P. Vaidya for the respondent. CORAM : V.C. DAGA & CORAM : V.C. DAGA & CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. DATED : 19TH APRIL, 2005. DATED : 19TH APRIL, 2005. DATED : 19TH APRIL, 2005. P.C. : 1. Heard the learned counsel for the parties. The Tribunal has referred following questions for the opinion of this Court, reading as under : Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that non-refundable deposit was not trading receipt of the assessee liable to tax ? 2. In so far as the item non-refundable deposit is concerned, the issue is covered by the decision of the Apex Court in the case of Siddheshwar S.S.K. Siddheshwar S.S.K. Siddheshwar S.S.K. Ltd. V/s. CIT [(2004) 270 ITR 1 (SC)] Ltd. V/s. CIT [(2004) 270 ITR 1 (SC)] Ltd. V/s. CIT [(2004) 270 ITR 1 (SC)] in favour of the assessee and against the revenue. 3. The reference is disposed of in the above terms with no order as to costs. **************