Fly ash sale proceeds held taxable as business income; separate fund credit was only application of income, not overriding title.

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....Receipts from sale of fly ash were held taxable as business income because fly ash was a by-product of the assessee's power generation business and the sale consideration accrued directly to the assessee. The Tribunal found no diversion of income at source by overriding title; the Government notification restricted only the subsequent use of the amounts after receipt, which amounted merely to application of income. The plea that the credited sum was a liability failed because no enforceable obligation to pay a definite third-party amount was shown, and book entries placing the receipts in a separate fund could not override the Act. The Revenue's appeals were allowed and the addition was restored for both years.....