https://www.taxtmi.com/caselaws?id=60771 The Tribunal partly allowed the appeal of a public limited company engaged in sugar manufacturing for the assessment year 1993-94. The Tribunal ruled in favor of the assessee, holding that the excess price received on levy sugar sold under the Sugar Incentive Scheme should not be subjected to income tax as it was already obligated for loan repayment, leading to a diversion of income. The Tribunal also dismissed the disallowance of expenditure for increasing share capital, following precedents set by the Calcutta High Court. en-us Tue, 05 Nov 1996 00:00:00 +0530 Sat, 08 Jan 2011 10:03:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60771 The Tribunal partly allowed the appeal of a public limited company engaged in sugar manufacturing for the assessment year 1993-94. The Tribunal ruled in favor of the assessee, holding that the excess price received on levy sugar sold under the Sugar Incentive Scheme should not be subjected to income tax as it was already obligated for loan repayment, leading to a diversion of income. The Tribunal also dismissed the disallowance of expenditure for increasing share capital, following precedents set by the Calcutta High Court. Case-Laws Income Tax Tue, 05 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60771