2015 (5) TMI 683

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.... For the Respondents : Mr P C Tripathi i/b Mr Mihir Naniwadekar ORDER P.C. 1. The respondent-assessee before us is a cooperative sugar factory and functional at Phalton District Satara. The Tribunal passed an order on 16th September, 1997 in ITA No.1449(PN) 1996 for the assessment year 1993-94. However, the Commissioner-applicant before the Revenue sought reference of a question of law for ans....

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....ch funds and amounts cannot be made subject matter of the deduction under the Income Tax Act. However, only some of them would fall within the category permissible by law. 2. In the light of the authoritative pronouncement of the Division Bench and following it in the case of similarly placed sugar factories, it has been held that the non refundable deposits and interest thereon cannot be added t....

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....ht of the authoritative pronouncement of the Division Bench. The Cane development fund is a fund which has been said to be capable of treated as an income of the sugar factory and, therefore, the issue stands answered in favour of the Revenue and against the assessee. In our view, a further Division Bench judgment of this Court in the case of Commissioner of Income Tax vs. Malegaon Sahakari Sakhar....