https://www.taxtmi.com/caselaws?id=10286 Excess levy sugar price realised under an interim court order was treated as a disputed receipt because retention of the amount remained subject to final determination and statutory transfer to the Equalisation Fund. On that basis, it did not constitute taxable income for the relevant assessment year. Interest on the excess realisation became payable only when the Levy Sugar Price Equalisation Fund Act, 1976 came into force, so no enforceable liability to pay interest had accrued during the previous year. Accordingly, the interest claim was not allowable as a deduction for that year. en-us Wed, 25 Aug 2004 00:00:00 +0530 Fri, 13 Dec 2013 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10286 Excess levy sugar price realised under an interim court order was treated as a disputed receipt because retention of the amount remained subject to final determination and statutory transfer to the Equalisation Fund. On that basis, it did not constitute taxable income for the relevant assessment year. Interest on the excess realisation became payable only when the Levy Sugar Price Equalisation Fund Act, 1976 came into force, so no enforceable liability to pay interest had accrued during the previous year. Accordingly, the interest claim was not allowable as a deduction for that year. Case-Laws Income Tax Wed, 25 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10286