Court : Delhi
Reported in : 142(2007)DLT200; 2007(97)DRJ59
..... date on which such amount was realised by him.provided that--(a) the interest due on so much of any amount of any excess realisation made before the date of commencement of the levy sugar price equalisation fund, (amendment) act, 1984, as is not credited to the fund together with interest at the aforesaid rate of twelve and a half per cent per annum before the expiry of sixty days from the date of such commencement; and (b) the interest due ..... the date on which such amount was realised by him:provided that-(i) the interest due on so much of such amount as was realised before the date of commencement of the levy sugar price equalisation fund (amendment) act, 1984 and is not credited to the fund together with interest at the aforesaid rate of twelve and a half per cent per annum before the expiry of sixty days from the date of such commencement, and(ii) the ..... 'ble supreme court negatived the contention of the sugar producers that they were not liable to pay interest in terms of the lspef act, 1976. ..... 4 scc 140, the court held that section 3(3) of the 1976 act which provided for interest on the excess realisation was applicable to the ..... of the earlier enactment of 1976, the liability of the sugar producer to pay interest on ..... act, first enacted in 1976 and later amended in 1984 was made with the specific purpose of avoiding any loss to the exchequer on account of the late refund to the central government of the excess price collected by sugar manufacturer over and above the levy price .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1990KAR3653
..... on the following sentence in the statement of objects and reasons which accompanied the bill which ultimately was enacted as the levy sugar price equalisation fund act, 1976: 'but where such consumers do not come forward to claim the refund within the time specified in the bill, the monies representing the difference between the controlled prices and the higher prices charged by the producers would, by virtue of the principles of bona vacantia (that is to say, the principle under which property ..... 1471 of 1976 and connected cases the petitioners therein questioned the vires of the levy of sugar price equalisation fund act, 1976 (act 31 of 1976). ..... the notice also held out a threat that the same will be recovered in accordance with section 11 of the levy of sugar price equalisation fund act, 1976 (hereinafter referred to as the act) read with section 158 of the karnataka land revenue act, 1964. ..... the levy of sugar price equalisation fund act, 1976 was enacted in the year 1976. ..... thereafter a notice was issued by the deputy commissioner, food and civil supplies department, chitradurga district, chitradurga, on 29-7-1981 calling upon the petitioner-company to credit the excess realisation to the levy of sugar price equalisation fund within seven days of the issue of the notice. ..... it also requires to be noted that it was amended by act 54 of 1984. ..... 'the law after the amendment is also the same. .....
Tag this Judgment!Court : Mumbai
Reported in : [1984]7ITD57(Mum)
..... that the title of the appellant to this amount was in further jeopardy on account of the passing of the levy sugar price equalisation fund act, 1976, which was brought into force with effect from 1-4-1976 by a notification of the government of india dated 25-3-1976. ..... relied on the finding of the authorities below and pointed out that when the appellant had realised this amount as part of its price on the sale of levy sugar, the other circumstances mainly the pendency of the petition or the passing of the levy sugar price equalisation fund act, would be of no consequence, since the entire amount had come into the hands of the appellant as part of the sale ..... 1976, by an amendment order, the government fixed the price of levy sugar ..... order restrains the respondents from enforcing or implementing their impugned order dated 29-11-1975 or the amendment order dated 9-2-1976 pending the hearing and final disposal of the writ petition, the appellant was allowed any one of the options regarding the excess price collected by it from the respondents during the pendency of the petition. ..... 19-9-1975, their lordships of the bombay high court permitted the appellant to sell levy sugar at the rates prevailing prior to the second amendment order dated 11-7-1975 and further directed the appellant to maintain a separate account of the sale of levy sugar pending the disposal of the petition. ..... by a second amendment order dated 3-8-1976 to rs. ..... 140.31 by a second amendment order passed by the government on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)15ITD343(Mad.)
..... levy sugar price equalisation fund act, 1976 ('the fund act') and it was published in the gazette of india on 16-2-1976 ..... fund act such excess collections made by the sugar mills should be deposited in levy sugar price equilisation fund created under the fund act within 30 days from the commencement of the act. ..... in pursuance of the interim orders, thus, passed in the writ petitions filed by the assessee-mill, it had realised extra price than over the price fixed for levy sugar under the sugar price fixation order referred to above and the difference between the price fixed under the sugar price fixation orders and the price actually realised by the assessee-mill, under the interim orders of the high court, was not considered as part of the turnover ..... made by virtue of the interim orders passed by any court either before or after the commencement of the said act, the excess collections need not be credited to the equalisation fund so long as the court which passed the interim order does not so direct. ..... the said order was amended by the amendment dated 1-3-1978 by sugar (price determination for 1977-78 production) amendment order, 1978, and it is the second of the ..... 91 of 1978 by the hon'ble andhra pradesh high court by its order dated 16-1-1984 following the earlier order of the same high court dated 25-11-1983, referred to supra and on information that special leave petition referred to supra filed in the ..... year 1980-81 arose out of the order of the commissioner (appeals) dated 8-5-1984. .....
Tag this Judgment!Court : Delhi
Reported in : 2001(59)DRJ197
..... he has further contended that as per the levy sugar price equalisation fund act, 1976 a producer shall on the final disposal of the proceedings of the court aforesaid, or in any court of appeal or revision, has to pay interest from the date of payment by the respondents to ..... contended that in para-109 of the said judgment, the supreme court specifically directed the union of india to amend the notification taking in account the liability of the manufacturers under clause 5-a of the sugar-cane (control) order as regards to the cane price and refix the price of levy sugar having regard to the factors mentioned in section 3(3-c) of the essential commodities act. ..... basis of the aforesaid authority that in unambiguous terms the supreme court has directed the government of india to take into account the liability of the manufacturers under clause 5-a, which was inserted subject to the amendment of 1974 in the sugar control order and the price of levy sugar has to be fixed having regard to the factors mentioned in section 3(3-c) of the act. ..... court in para-109 of the said judgment directed the central government to amend the notifications issued taking into account the liability of the manufacturers under clause 5-a of the sugar-cane (control) order as regards cane price and refix the price of levy sugar having regard to the factors mentioned in section 3(3-c) of the act by 31.12.1993.13. ..... further contended that government was further directed to issue amended notification by 31.12.1993. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1984]146ITR284(AP)
..... meanwhile, the assessee filed another writ petition questioning the levy sugar price equalisation fund act, 1976, and in the affidavit filed in support of the said writ petition, the following statement occurs (the affidavit was sworn to by sri ..... rao, chief accountant of the petitioner-company) : 'there was also no claim by any person whatsoever regarding the excess price and, under these circumstances, the petitioner was led to believe that it would treat the excess realisation as its own. ..... contended that the events taking place after the date of balance-sheet resulting in reduction of sale price, should be taken into account, while valuing the closing stock as on the date of balance- ..... far as the first item is concerned, what appears to have happened is that the assessee along with certain other sugar factories filed writ petitions in this court, questioning the validity of the notification issued by the government fixing the levy price of sugar. ..... to this item, the ito has alleged that though the written down value of the confectionery plant and old sugar plant completely got 100% depreciated, still the assessee wrongly claimed and obtained depreciation of rs. ..... as a result of wrong claim under depreciation in that, though the wdv of the confectionery plant and old sugar plant completely got 100% depreciated, still the assessee-company claimed and obtained depreciation of rs. ..... we find that by this year the proforma of the return was amended, and note 5 was added in the relevant part. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2000SC2866; 2000(71)ECC240; [2000]245ITR421(SC); JT2000(9)SC1; 2000(5)SCALE490; (2000)6SCC665; [2000]Supp2SCR302
..... came into force, with effect from 1-4-1976, the levy sugar price equalisation fund act, 1976. ..... provided inter alia that the amounts representing all excess realisation made by producers irrespective of whether such excess realisations were made before or after the commencement of this act shall be credited to a fund known as levy sugar price equalisation fund established under section 3 of the act. ..... was lastly submitted by the learned senior counsel for the appellant that in the year 1997 the appellant manufacturer has transferred the amount of sugar recovered in excess of the levy price to sugar equalisation fund of the government. ..... gauri shankar, the learned senior counsel for the revenue has on the other hand submitted that the excess amount was realised by the appellant company as price of the sugar sold by it during the course of its trading activities and therefore it has been rightly held by the high court to be a trading receipt of the appellant ..... learned senior counsel for the assessee-appellant relied on three decisions by different high courts and submitted that in identical facts and circumstances the price of sugar realised in excess of the levy price was held not to be a trading receipt of the assessee and hence not liable to tax. ..... in 1970, there was a retrospective amendment in the relevant sales tax law as a result of which the appellant's liability was upheld by the ..... amount of 'rusum') was remitted to the state later on and consequent upon the said amendment. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2000)162CTR(SC)320
..... the fact remains, as was admitted at the bar that the amount continued to remain with the appellant company and was not refunded to the purchasers.then came into force, with effect from 1.4.1976, the levy sugar price equalisation fund act, 1976. ..... it provided inter alia that the amounts representing all excess realisations made by producers irrespective of whether such excess realisations were made before or after the commencement of this act shall be credited to a fund known as levy sugar price equalisation fund established under section 3 of the act. ..... and in what manner the separate account was maintained by the assessee.it was lastly submitted by the learned senior counsel for the appellant that in the year 1997 the appellant has transferred the amount to sugar equalisation fund of the government. ..... gauri shankar, the learned senior counsel for the revenue has on the other hand submitted that the excess amount was realised by the appellant company as price of the sugar sold by it during the course of its trading activities and therefore it has been rightly held by the high court to be a trading receipt of the appellant company.we will refer to the law laid down in a few cases by this ..... in 1970, there was a retrospective amendment in the relevant sales tax law as a result of which the appellants liability was upheld by the courts. ..... the amount of rusum) was remitted to the state later on and consequent upon the said amendment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2005)1SOT208Indore
..... page 45 which is schedule attached to the balance sheet and discloses significant accounting policy', where again it was clarified that in case of sugar method of valuation of closing stock has been changed and it was also clarified that transportation expenses including rail freight reimbursable under the sugar equalisation fund administered by the food corpn. ..... scheme of supply of levy sugar at uniform price all over india. ..... itis well known that a presumption can also be raised to the effect that in terms of clause (e) of section 114 of the indian evidence act judicial and official acts have been regularly performed.if it be held that an order which has been passed purportedly without application of mind would itself confer jurisdiction upon the assessing officer to reopen the proceeding ..... to allay these fears, the amending act, 1989, has again amended section 147 to reintroduce the expression "has reason to believe" in the place of the words 'for reason to be recorded by him in writing, ..... ) 1), "amendment made by the amending act, 1989, to reintroduce the expression"reason to believe"in section 147.anumberof representations were received against the omission of the words 'reason to believe from section 147 and their substitution by the"opinion" ..... and in the circumstances of the case the learned cit (a) has erred in confirming the charging of interest under sections 234b & 234c of the income tax act, which was not according to the provisions of law and hence invalid and illegal. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)145CTR(P& H)480; [1998]233ITR635(P& H)
..... the provisions of the levy sugar price equalisation fund act, 1976, clearly imposed an obligation on the assesses to repay the money to the constituents whether the excess price was collected before or after the commencement of the act. ..... against the judgment of the high court of delhi was dismissed by the apex court declining to call for the statement of the case on the question whether the excess over the price of levy sugar realised by the assessee and held in the bank pending disposal of the writ petition filed by it against the fixation of levy sugar price (which was eventually dismissed) was income in the hands of the assessee (see [1991] 187 itr 74).15. mr. b.s. ..... the assessee, a sugar mill, filed a writ petition before the supreme court questioning the validity of fixation of price in respect of levy sugar on the ground that the government had no power to fix the price of levy sugar and they should be permitted to sell the sugar at the rates existing prior to the introduction of the control order which was in excess of the price fixed by the control order ..... the bank guarantee furnished by the assessee did not mean that the difference in sale price of levy sugar credited by it to its suspense account did not represent its income for the year in question ..... 6,27,944 put in the suspense account, that is the difference in the price of levy sugar did not represent the income of the assessee for that year as the assessee did not have any absolute right to that ..... 886 of 1984 (cit v .....
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