Amount collected as per direction given in Molasses Control (Amendment) Order, is deductible as revenue expenditure

The learned counsel appearing for the assessee submitted that the amount collected as per the direction given in the Molasses Control (Amendment) Order, is also entitled to be deducted as revenue expenditure, while computing the total income of the assessee. In order to support this contention, the learned counsel appearing for the assessee, relying upon the decision cited supra, submitted that inasmuch as the Supreme Court pointed out that deduction cannot be given as revenue expenditure, since the provision is not for loan and existing liabilities and inasmuch as in the present case the expe...