9911796707
TMI Blog2001 (2) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... this court, one at the instance of the Revenue and the other at the instance of the assessee. The question that has been referred to us at the instance of the Revenue is, "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that part of price of molasses set apart for contribution to the Molasses Storage Reserve Fund is not assessable as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this amount under the statutory obligation, it did not belong to the assessee, but to the molasses storage fund. The assessee could not utilise the amount in the said fund for any other purpose." In the said circumstances, it was held that there was diversion of title at the source of the income collected under the directions given under the Molasses Control (Amendment) Order and as such the sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Board of Direct Taxes while enacting the Income-tax (Fourth Amendment) Rules, 1983, did not specifically provide for the increased rate of depreciation at 15 per cent., on machinery and plant for which no special rate has been prescribed, operable retrospectively on and from a particular date. The depreciation as per the Income-tax (Fourth Amendment) Rules, 1983, is not to be allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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