TaxTMI 
TaxTMI 
2004 (10) TMI 578
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....of molasses was to be included in the income of the appellant ?" In the other two appeals, the question is identical except the amount. IT Appeal No. 588 of 2004 and IT Appeal Nos. 4 & 99 of 2002 At the request of the learned counsel appearing for the assessed as well as the Revenue, we are disposing of all the three appeals, namely, IT Appeal Nos. 4 of 2002 and 99 of 2002 and the present appeal being IT Appeal No. 588 of 2004 for the asst. yrs. 1984-85, 1985-86 and 1986-87, respectively. 2. The assessed is a public limited company engaged in the manufacture of various articles including sugar. Under the provisions contained in the Molasses Control (Regulation of Fund for Erection of Storage Facilities) Order, 1976, which is required to ....
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....akkare Karkhane Ltd. and CIT v. Hiranyakeshi Sahakari Sakkare Kharkhane were dismissed. Civil appeal preferred against the decision rendered by the Madras High Court in CIT v. New Horizon Sugar Mills (P) Ltd. has been dismissed [(2004) 269 ITR 397 (SC)] 5. The learned counsel has placed before us a copy of the order of the Supreme Court in Civil Appeal No. 2499 of 1998 in the case of CIT v. Ambur Co-op. Sugar Mills Ltd. and other matters decided on 28th Aug., 2001. The Supreme Court made an order which is as under: "Order Delay condoned The civil appeals and special leave petition are not pressed by Mr. M.L. Verma, learned counsel for the Revenue, for the reason that the special leave petition against the judgment followed by the High Cou....
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.... title even at the source of the income collected as per the directions given under the Molasses Control (Amendment) Order. But according to the facts arising in the decision of the Supreme Court cited supra, the amount will be standing to the credit of the contingency reserve. The reserve is only for the utilisation by the assessed at a later stage when such contingency arises. Therefore, the assessed is having control and domain over the contingency reserve created according to the statute. After the amount was realised, the assessed was asked to create a contingency reserve, as against the facts arising in the present case where the assessed was directed to collect separately the amount for molasses storage fund, over which the assessed ....