TMI Blog2015 (5) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... har Karkhana Limited (2000 (5) TMI 22 - BOMBAY High Court). Chief Minister's fund, Area Development fund, Cane Development fund, Small Savings etc., insofar as the Chief Minister's fund is concerned, the question will have to be answered in favour of the assessee and against the Revenue in the light of the Division Bench judgment of this Court in the case of Shri Chhatrapati Sahakari Sakhar Karkhana Limited (2000 (5) TMI 22 - BOMBAY High Court). Area Development fund is concerned, the matter will have to go back to the Tribunal for being decided afresh and in the light of the authoritative pronouncement of the Division Bench. Cane development fund is a fund which has been said to be capable of treated as an income of the sugar f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uake fund, Chief Minister's fund, Area Development fund, Cane Development fund, Small Savings etc. In the light of the Supreme Court decision in the case of Bazpur Co-operative Sugar Factory Limited, 177 ITR 469,these additions were deleted by the Commissioner. In appeal against the Commissioner's order the Tribunal followed the decision of its special bench in the case of Shri Chhatrapati Sahakari Sakhar Karkhana Limited 245 ITR 498. The decision in Shri Chhatrapati Sahakari Sakhar Karkhana Limited has been challenged before this Court and a Division Bench of this Court held that several such 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... des this aspect. The said aspect is also concluded by the judgment of the Hon'ble Supreme court in the case of Siddheshwar Sahakari Sakhar Karkhana Limited vs. Commissioner of Income Tax, (2004) 270 ITR 1. Therefore, so far as Can Development fund is concerned, the issue stands concluded in favour of the Revenue and against the assessee. As far as Area Development fund etc. are concerned, the matter must go back to the Tribunal for fresh consideration in the light of the Division Bench judgment. As far as Small Savings are concerned, the issue is answered in favour of the assessee and against the Revenue in terms of the Division Bench judgment in the case of Malegaon Sahakari Sakhar Karkhana Limited (supra). 3. All the above Referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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