TMI Blog2003 (3) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... of rebate on excise duty payable and increased percentage of levy-free quota of sugar, is not assessable as income of the assessee? - 3. Whether, Tribunal is right in law in holding that the initial depreciation allowed prior to the assessment year 1983-84 and earlier years should not be deducted from the written down value of the assets? - 4. Whether, Tribunal is right in law in holding that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reased percentage of levy-free quota of sugar, is not assessable as income of the assessee? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the initial depreciation allowed prior to the assessment year 1983-84 and earlier years should not be deducted from the written down value of the assets? 4. Whether, on the facts and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmining the quantum to be transferred from the sale proceeds to the storage fund, that amounts stood diverted by overriding title to that fund. That view has been reiterated in a subsequent decision of this court in the case of CIT v. Sakthi Sugars Limited [2001] 251 ITR 166. In so far as the second question is concerned, it has been held by this court in the case of CIT v. Ponni Sugars and Chem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [2002] 256 ITR 657. It was held the amendment to section 32(1)(iv) of the Income-tax Act which came into force with effect from April 1, 1984, had no impact on the assessments for earlier years, and consequently in those earlier years the assessee was not required to deduct the initial depreciation from the cost of assets for the purpose of computing the written down value of the asset. As rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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