https://www.taxtmi.com/caselaws?id=9353 Excess levy sugar price realised under a statutory scheme was treated as not belonging to the assessee as trading income, because it had to be transferred to the Levy Sugar Price Equalisation Fund; the related interest liability was held not to have accrued during the relevant previous year since the obligation arose only from 1 April 1976. A trailer was also treated as a motor vehicle within the transport vehicle category for depreciation purposes, so depreciation at the rate applicable to transport vehicles was correctly allowed. The reference therefore upheld non-taxability of the excess levy realisation and higher depreciation on trailers, while the interest accrual issue was resolved against the assessee. en-us Wed, 09 Mar 2005 00:00:00 +0530 Tue, 15 Mar 2016 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9353 Excess levy sugar price realised under a statutory scheme was treated as not belonging to the assessee as trading income, because it had to be transferred to the Levy Sugar Price Equalisation Fund; the related interest liability was held not to have accrued during the relevant previous year since the obligation arose only from 1 April 1976. A trailer was also treated as a motor vehicle within the transport vehicle category for depreciation purposes, so depreciation at the rate applicable to transport vehicles was correctly allowed. The reference therefore upheld non-taxability of the excess levy realisation and higher depreciation on trailers, while the interest accrual issue was resolved against the assessee. Case-Laws Income Tax Wed, 09 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9353