https://www.taxtmi.com/caselaws?id=13977 Amounts collected from molasses sales under statutory directions for the Molasses Storage Reserve Fund are diverted at source and do not constitute taxable trading receipts where the assessee has no beneficial title or right to use them. Enhanced depreciation on plant and machinery was unavailable for the year concerned because the relevant amendment did not expressly operate retrospectively for pending matters; the higher rate applied only from assessment year 1984-85. The reserve-fund contribution was therefore excluded from taxable income, while the enhanced depreciation claim failed. en-us Wed, 21 Feb 2001 00:00:00 +0530 Mon, 06 Jul 2009 16:50:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13977 Amounts collected from molasses sales under statutory directions for the Molasses Storage Reserve Fund are diverted at source and do not constitute taxable trading receipts where the assessee has no beneficial title or right to use them. Enhanced depreciation on plant and machinery was unavailable for the year concerned because the relevant amendment did not expressly operate retrospectively for pending matters; the higher rate applied only from assessment year 1984-85. The reserve-fund contribution was therefore excluded from taxable income, while the enhanced depreciation claim failed. Case-Laws Income Tax Wed, 21 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13977