https://www.taxtmi.com/caselaws?id=11716 The court ruled in favor of the assessee regarding the deductibility of the provision made to the Molasses Storage Fund, citing an overriding title specified in the Molasses Control Order. Additionally, the court found in favor of the assessee on the taxability of incentives received as they were intended for repaying loans and not considered revenue receipts. The court also ruled in favor of the assessee regarding the treatment of initial depreciation for assets in earlier assessment years, clarifying that the amendment to the Income-tax Act did not impact assessments for previous years. However, the court ruled in favor of the Revenue regarding the taxability of bank interest earned on the Molasses Storage Fund due to the assessee's treatment of the interest as its own. en-us Wed, 26 Mar 2003 00:00:00 +0530 Sat, 06 Feb 2010 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11716 The court ruled in favor of the assessee regarding the deductibility of the provision made to the Molasses Storage Fund, citing an overriding title specified in the Molasses Control Order. Additionally, the court found in favor of the assessee on the taxability of incentives received as they were intended for repaying loans and not considered revenue receipts. The court also ruled in favor of the assessee regarding the treatment of initial depreciation for assets in earlier assessment years, clarifying that the amendment to the Income-tax Act did not impact assessments for previous years. However, the court ruled in favor of the Revenue regarding the taxability of bank interest earned on the Molasses Storage Fund due to the assessee's treatment of the interest as its own. Case-Laws Income Tax Wed, 26 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11716