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of <h1>High Court rules for assessee on excess levy sugar price, correlation of loss with specific machinery items</h1> <h3>Commissioner Of Income-Tax Versus Jeyapore Sugars Co. Limited</h3> Commissioner Of Income-Tax Versus Jeyapore Sugars Co. Limited - [1989] 175 ITR 627, 40 TAXMANN 241 The High Court of Andhra Pradesh ruled in favor of the assessee regarding the excess levy sugar price collected. The court also upheld the order to correlate the loss due to fluctuation in exchange rate with specific machinery items for depreciation allowance. The Tribunal clarified that the order did not automatically entitle the assessee to depreciation and development rebate.
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